The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their second terms.
The meeting was the last in chairman Russell Golden’s term.
The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.
The proposal would delay the effective date for one year for some private companies and nonprofits in applying the leases standard and for franchisor businesses in applying the revenue recognition standard.
The Financial Accounting Standards Board plans to propose that private companies and nonprofits get an extra year to implement the lease accounting standard while also giving private franchisor companies an extra year for revenue recognition.