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2020

FASB Defers Effective Dates of Revenue and Leasing Standards for Certain Entities (June 3, 2020)

Volume 27, Issue 14
June 3, 2020
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FASB Defers Effective Dates of Revenue and Leasing Standards for Certain Entities

Footnotes

1
FASB Accounting Standards Update (ASU) No. 2020-05, Revenue From Contracts With Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities.
2
FASB Accounting Standards Codification (ASC) Topic 606, Revenue From Contracts With Customers.
3
FASB Accounting Standards Codification Topic 842, Leases.
4
A public NFP entity is an NFP entity that has issued or is a conduit bond obligor for securities that are traded, listed, or quoted on an exchange or an over-the-counter market.
5
The deferral does not apply to public business entities (PBEs), public NFP entities, and employee benefit plans that file or furnish financial statements with or to the SEC.
6
FASB Accounting Standards Update No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.
7
Public entities are PBEs, public NFP entities (with the exception of public NFP entities that have not yet issued their financial statements or made financial statements available for issuance as of June 3, 2020), and employee benefit plans that file or furnish financial statements with or to the SEC.
8
The deferral provided by ASU 2020-05 only applies to public NFP entities and private entities that have not yet issued their financial statements or made financial statements available for issuance as of June 3, 2020.
9
See footnote 8.
10
FASB Accounting Standards Update No. 2016-02, Leases.
11
FASB Accounting Standards Update No. 2020-02, Financial Instruments — Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).