Effective Dates For ASC 606 and ASC 842 Deferred by FASB
With the COVID-19 pandemic bringing unexpected challenges over the course of the last few months, FASB has officially issued Accounting Standards Update (ASU) 2020-05 providing privately-held entities and private nonprofit organizations with a one-year deferral of the ASC 606, Revenue from Contracts with Customers, effective dates, and ASC 842, Leases. The newly passed ASU 2020-05 will postpone [...]