FASB Reschedules Roundtable on Lease Accounting Standard Implementation

The Financial Accounting Standards Board rescheduled the date of its public roundtable discussion on the implementation of its accounting standard on leases.

The discussion will focus on technical issues that companies and organizations have found challenging when applying the standard. The virtual roundtable will take place on Friday, Sept. 18, 2020, in two sessions. The first session will be held from 8:30 a.m. to 12:00 p.m. EDT, followed by a second session from 1:00 p.m. to 4:30 p.m. EDT.

“The roundtable discussion will give us the chance to hear from stakeholders about their varied experiences implementing the leases standard, which is an important part of the FASB’s post-implementation review process,” Richard R. Jones, chair of FASB, said. “Their feedback will help us improve how we support ongoing leases implementation for all stakeholders, as well as identify any issues we may need to address.”

Public companies and other organizations of all sizes, including employee benefit plans and not-for-profit bond obligors that file financial reports with the U.S. Securities and Exchange Commission, were required to apply the leases standard for fiscal years beginning after Dec. 15, 2018. However, because of the effects of the COVID-19 pandemic, the board extended the effective date to fiscal years beginning after Dec. 15, 2019 for not-for-profit bond obligors that had not yet issued financial statements or made financial statements available for issuance as of June 3, 2020. All other organizations are now required to apply the standard for fiscal years beginning after Dec. 15, 2021.

Roundtable participants will include financial statement users, preparers, auditors and certain industry representatives. Observers will be able to view the live streamed and archived roundtable sessions on the FASB website.

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