During the first quarter of 2020, the Financial Accounting Standards Board (FASB) issued four new standards on reference rate reform, codification improvements to financial instruments, updates to codification for Securities and Exchange Commission (SEC) guidance, and clarifying interactions between accounting for equity securities, equity method investments, and certain derivative instruments. It also proposed to delay revenue recognition and leases for certain entities and proposed guidance to address non-for-profit entities that receive contributed nonfinancial assets. The FASB is monitoring and responding to the coronavirus (COVID-19) pandemic to support stakeholders during this difficult time.
Also during the quarter, the (SEC), the Public Company Accounting Oversight Board, and the American Institute of CPAs released information on COVID-19.
In addition to these highlights from the quarter, this article covers SEC guidance and proposals, updates from the Governmental Accounting Standards Board, and more.
