How to apply the FASB’s deferral of effective dates

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In depth , PwC US Jun 03, 2020

Our In depth has been updated for the FASB’s latest deferral of effective dates, which impacts certain private companies and not-for-profit entities.

On June 3, the FASB issued guidance providing an optional one-year deferral of the effective date of ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases, for the following companies:

  • Revenue: Companies that have not yet issued their financial statements reflecting the adoption of ASC 606

  • Leases: Companies in the “all other” category and public not-for-profit entities that have not yet issued their financial statements reflecting the adoption of ASC 842

This In depth has been updated to incorporate the FASB’s latest guidance. It retains the summary of the November 2019 deferral of the effective dates for the credit losses, goodwill impairment, insurance, leases, and hedging standards and the new “two bucket” philosophy regarding effective dates.

For a deeper discussion, please contact:

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

Email

Maria Constantinou

Director, National Professional Services Group, PwC US

Email

Ashleigh Pierce

Director, National Professional Services Group, PwC US

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David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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