The Equipment Leasing and Finance Association submitted a comment letter to the Financial Accounting Standards Board in support of their proposal to grant a one-year effective date delay for certain stakeholders applying leases and revenue recognition guidance.

The proposal is intended to provide some relief for certain companies and organizations focused on the COVID-19 crisis. The deferral would be limited to private companies, private not-for-profit organizations and public not-for-profit organizations that have not yet issued their financial statements.

Read ELFA’s letter and the FASB proposal.