FASB proposes delay of insurance standard effective date
FASB recently issued a proposal that would delay the effective date of the board’s new standard on long-duration insurance contracts by one year in an effort to provide relief to insurance companies affected by the coronavirus pandemic.
The proposal also would make early adoption easier and more cost-effective for insurers that may not need the extra time. read more – Journal of Accountancy
FASB addresses insurance, convertible instruments, gifts-in-kind
FASB recently voted to propose delaying the effective date of its standard on long-duration insurance contracts by one year and to approve two new standards. read more – Journal of Accountancy
FASB issues limited revenue recognition, lease accounting delays
FASB posted a staff Q&A document to its website recently that is designed to clarify pandemic-related questions about lease accounting. read more – Journal of Accountancy
PPP lender accounting issues addressed by new TQAs
State and local governments will have additional time to comply with numerous recent GASB pronouncements after the board issued guidance Friday granting an extension as a result of the coronavirus pandemic. read more – Journal of Accountancy
GASB issues pandemic-related accounting guidance
GASB issued guidance to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the coronavirus pandemic. read more – Journal of Accountancy
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