During the second quarter of 2020, the Financial Accounting Standards Board issued a new standard to delay the effective dates of revenue recognition and lease accounting standards for nonpublic business entities including not-for-profit (NFP) entities. It also issued two staff Q&As related to impacts of COVID-19 on cash flow hedge accounting and accounting for lease concessions.
Also during the quarter, the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board, the American Institute of Certified Public Accountants, and the Center for Audit Quality released updated information on COVID-19.
In addition to these highlights from the quarter, this article covers SEC guidance, updates from the Governmental Accounting Standards Board, and more.
