Media Advisory 04/01/20

FASB Plan to Address Standard-Setting Issues During the Coronavirus
(COVID-19) Pandemic


Norwalk, CT, April 1, 2020—The Financial Accounting Standards Board (FASB) shares global concerns about the stakeholder impact of the coronavirus (COVID-19) pandemic in the United States and abroad.  The FASB is monitoring and responding to the situation and is committed to supporting and assisting our stakeholders during this difficult time.

At its meeting on April 8, 2020, the FASB will discuss plans to support stakeholders as they navigate the impact of the pandemic. Discussion will include:

Responses to pervasive questions on urgent accounting issues

The FASB will help its stakeholders interpret guidance related to priority issues, including troubled debt restructurings and lease modifications. The FASB continues to work in close collaboration with the Securities and Exchange Commission staff, the AICPA, banking regulators, and other stakeholders.

Agenda requests for deferral of standards

The FASB will discuss effective date deferral requests for significant standards not yet effective. The FASB will also discuss the sunset date for reference rate reform.
 
Impact on other standard-setting activities

The FASB will discuss the potential impact to current project deliberations and standard setting as a result of the COVID-19 pandemic.
 
Stakeholder resources

The FASB encourages stakeholders to connect with us through our web resources:
  • Technical inquiry service: submit questions directly to FASB staff about standard implementation or other issues
  • Implementation web portal: a “one-stop shop” of educational resources on major standards, including leases, credit losses, insurance, and reference rate reform
  • Find out where to submit other comments/questions/inquiries through the www.fasb.org/contact.
Information on how to view the April 8 meeting will be announced on www.fasb.org in the coming days