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Additionally, roundtables with public companies to discuss implementation issues and potential practical expedients have been postponed due to the COVID-19 global pandemic. As universities across the state are canceling or delaying in-person classes due to outbreaks, Arizona State University had its first day of in-person classes Thursday. All of the fellows have met each other over Zoom, but due to time zone differences, they’re not … Accounting for Leases (asu 2016-02) As a result of the vote, the new lease standard will be delayed for one year and will now be effective for private companies and not-for-profits for annual reporting periods beginning after December 15, 2020 (2021 calendar year). Copyright © 2020 National Association of College and University Business Officers. That idea came to an abrupt end once ASU… Franchisors that are not public business entities would still be allowed to adopt ASU 2014-09 for periods beginning after December 15, 2019. The arrival of this year’s cohort of the Hubert H. Humphrey Fellowship program has been delayed until December, but that hasn’t stopped them from getting a head start on their goals. 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. On June 3, 2020, the FASB issued ASU 2020-05,1 which amends the effective dates of the Board’s standards on revenue (ASC 6062) and leasing (ASC 8423) to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the coronavirus disease 2019 (COVID-19) pandemic. (AP Photo/Steve Dykes, File) 13th game of Week 11 canceled or postponed. Arizona State University continues to closely monitor the coronavirus (COVID-19) outbreak in coordination with federal, state, and local health and emergency preparedness organizations. WASHINGTON — The Trump administration dove back into Capitol Hill's confusing covid-19 negotiations on Tuesday, offering a $916 billion package to … Private companies and all others: The hedge accounting and lease accounting effective dates would be delayed one year to fiscal years beginning after Dec. 15, 2020. Credit losses NACUBO® and the NACUBO logo are registered marks of the National Association of College and University Business Officers, Inc. Due to the impact of COVID 19, the Financial Accounting Standards Board unanimously voted, FASB also agreed to support stakeholders as they navigate the effects of the COVID-19 pandemic by addressing effectives dates for significant standards and future standard-setting activities and projects. For ASU 2016-02, the FASB acknowledged in previously issued ASUs the challenges, which have been further amplified with the current pandemic, associated with implementation of major ASUs for private companies, smaller public companies and not-for-profit entities. As COVID-19 precautions are taken to ensure the safety of our communities, we must find new methods to keep learning on track for everyone at every level. ASU 2016-02 would be effective for public not-for-profits for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The FASB shares global concerns about the stakeholder impact of the coronavirus (COVID-19) pandemic in the United States and abroad. The board noted that it is committed to understanding how the pandemic is impacting accounting guidance transition plans and will continue to address issues brought to its attention at future meetings. 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