Image may be NSFW.
Clik here to view.
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.
Assistance and Guidance from Freed Maxick
Image may be NSFW.
Clik here to view.
The Freed Maxick COVID-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of COVID-19. Click on the button to explore insights, observations and updates.
If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us here or call Freed Maxick at 716.847.2651.
Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel.
Image may be NSFW.Clik here to view.
