Real Estate — Accounting and Financial Reporting Update
November 23, 2020
The latest edition of our annual
update highlights selected accounting and reporting developments that may be of
interest to real estate entities. Developments in 2020 include the FASB’s issuance
of an ASU that allows companies to defer adoption of the Board’s new standards on
revenue recognition (ASC 606) and leasing (ASC 842) in light of the coronavirus
disease 2019 pandemic. This publication also discusses additional SEC reporting
implications for real estate entities related to the guidance in ASC 842 as well as
the guidance on income taxes (ASC 740), consolidation (ASC 810), and other
topics.