PwC comments on limited deferral of revenue and leases standards
PwC’s commented on the FASB’s proposal to defer the revenue and leases standards by one year for certain private companies and not-for-profits.
Overview
PwC has responded to a FASB exposure draft to defer the effective dates for the revenue and leases standards for one year for the following entities due to the need for these entities to focus on the impact of the COVID-19 pandemic:
- Revenue (ASC 606) - Franchisors that are not public business entities that have not yet issued financial statements reflecting the adoption of the revenue standard
- Leases (ASC 842) - Private companies and not-for-profits that have not yet issued financial statements reflecting the adoption of the leases standard
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