Financial Reporting Update

The Financial Accounting Standards Board (FASB) met yesterday, May 20, and made a tentative decision to extend the effective dates for the new revenue recognition standard (ASC 606) and lease standard (ASC 842). For ASC 606, this extends the date to 2020 for those that report on a calendar year end and have not yet adopted the new standard. For ASC 842, the date is extended to 2022 for private and not-for-profit entities that report on a calendar year end. The final standard is expected to be issued in June.

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