FASB Issues Guidance on Deferral Dates for Revenue Recognition & Leases Standards

By Chirico Rozsa, CPA on June 4, 2020
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Chirico Rozsa, CPA

Audit Senior Manager | Healthcare

Deferral Dates

Today, the FASB issued formal guidance for the deferral dates of two standards. Revenue from Contracts with Customers (more commonly referred to as ‘Rev rec’) has been deferred by one year for certain entities that have not yet issued their financial statements (or made them available for issuance). Those entities may adopt the guidance for periods beginning after December 15, 2019. Leases has been deferred for one year for entities in the “all other” category. For those entities, it will be effective for periods beginning after December 15, 2021.  Public not-for-profit entities that have not yet issued their financial statements may adopt the guidance for fiscal years beginning after December 15, 2019. 

To read the full FASB standard, please click here.

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