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.

Original Article Posted at : https://www.accountingtoday.com/news/fasb-defers-revenue-recognition-and-leases-standards-for-private-companies-and-nonprofits-due-to-coronavirus