FASB voted to delay both revenue recognition and leases for private entities at its May 20, 2020, meeting. The original proposal was for a delay for private company franchisors to receive a one-year delay of revenue recognition. But the Board added all private entities that have not yet issued financials.
In addition, both “public” and private nonprofits as well as all private entities receive an extra year (in addition to ASU 2019-10) for leases. ASU to be issued in June!
You can watch the 36-minute FASB meeting here:
Read the Galasso Learning Solutions recap of COVID-related auditing delays.
What questions do you have? Send your questions to melisa@galassolearningsolutions.com.
Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and 2020 Virtual Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
