FASB to discuss effective date deferral requests in response to pandemic

In response to the coronavirus pandemic, FASB will discuss at its April 8 meeting effective date deferral requests for significant accounting standards that are not yet effective.

FASB said in a news release issued Wednesday evening that it shares global concerns about the impact of the coronavirus and is committed to supporting and assisting its stakeholders during this difficult time.

At the April 8 meeting, FASB will:

• Discuss effective date deferral requests and discuss the sunset date for its standard on reference rate reform.
• Respond to questions on urgent accounting issues. The board will help its stakeholders interpret guidance related to priority issues, including troubled debt restructurings and lease modifications. The board continues to work in close collaboration with the SEC staff, the AICPA, banking regulators, and other stakeholders.
• Discuss the potential impact the pandemic is having on current project deliberations and standard setting.

“There are many professionals working in the GAAP trenches who will appreciate FASB’s efforts,” said AICPA Senior Director of Accounting Standards Dan Noll

FASB is encouraging stakeholders to submit questions directly to its staff about standards implementation or other issues through its technical inquiry service. The board also is directing stakeholders to its implementation guidance web portal and the “contact” page on its website.

For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page.

—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.