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Heads Up — FASB decides to defer certain effective dates and provides guidance on COVID-19

Published on: 30 Apr 2020

This Heads Up summarizes decisions made at the FASB’s 8 April 2020 meeting related to the Board’s ongoing efforts to monitor and respond to the impact that COVID-19 has on the preparation of financial statements under U.S. GAAP, including the related accounting and financial reporting implications.

Originally issued on 9 April 2020, this document was updated to add an appendix that discusses the FASB staff Q&A issued on 10 April 2020 regarding the accounting for rent concessions that directly result from the COVID-19 pandemic. The appendix contains background information on the staff Q&A as well as Deloitte’s interpretive guidance on frequently asked questions related to it.

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