Media Advisory 03-05-20
FASB Announces Leases Roundtable for April 9, 2020
Participants to Discuss Experience with Leases Implementation
Norwalk, CT, March 5, 2020—The Financial Accounting Standards Board (FASB) today announced the date of its public roundtable discussion on the implementation of its accounting standard on leases. The discussion will focus on broad technical issues, such as embedded leases and discount rates, that companies and organizations have found challenging when implementing the standard. The roundtable will take place on Thursday, April 9, 2020, from 9:00 a.m. to 4:00 p.m. Eastern Daylight Time at the FASB offices located at 401 Merritt 7 in Norwalk, Connecticut.
“The roundtable will provide select stakeholders, many of whom have already implemented the leases standard, a forum to share feedback about their challenges and successes,” stated FASB Chairman Russell G. Golden. “What we learn at the roundtable will help the FASB understand and address ongoing implementation issues, which we hope will facilitate a smoother transition to the standard for private companies.”
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 standard for fiscal years beginning after December 15, 2018. All other organizations are required to apply the standard for fiscal years beginning after December 15, 2020.
Roundtable participants include financial statement users, preparers, auditors, and certain industry representatives. Observers who wish to attend in person must register in advance (seating is available on a first-come, first-served basis).
The meeting will be audio webcast and archived on the FASB website.