Financial Accounting News

Virus Spurs Private Company Relief on Leases, Revenue Accounting

June 3, 2020, 6:05 PM

Private companies and not-for-profit groups struggling with all the challenges that come with a global pandemic get a bit of relief on the accounting front: more time to overhaul how they report their leases and their revenue.

The Financial Accounting Standards Board on Wednesday confirmed that these groups would get an extra year to comply with new lease accounting and revenue recognition standards if they hadn’t already adopted them.

Under the FASB update, private companies and not-for-profit groups can elect to wait until 2022 instead of 2021 to make major changes to how they report rented real estate, heavy equipment,...

To read the full article log in. To learn more about a subscription click here.