On April 8, 2020, the Financial Accounting Standards Board (FASB), proposed the deferral of certain significant accounting literature due to the current impact of the Coronavirus pandemic:
- The deferral of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, of the FASB’s Accounting Standards Codification (ASC) by one year for franchisors that are not public entities
- The deferral of ASC 842, Leases, for private, not-for-profit entities, that hold conduit bond obligations that have not yet issued financial statements including the implementation and all other not-for-profits
