Media Advisory 07-23-20

Participants to Discuss Experiences with Leases Implementation at FASB Virtual Roundtable

Two Sessions Scheduled for September 18, 2020
Norwalk, CT—July 23, 2020—The Financial Accounting Standards Board (FASB) today announced the rescheduled date of its public roundtable discussion on the implementation of its accounting standard on leases. The discussion will focus on broad technical issues that companies and organizations have found challenging when applying the standard. The virtual roundtable will take place on Friday, September 18, 2020, in two sessions. The first session will be held from 8:30 a.m. to 12:00 p.m. Eastern Daylight Time (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,” stated FASB Chair Richard R. Jones. “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 December 15, 2018.  However, because of the effects of the COVID-19 pandemic, the Board extended the effective date to fiscal years beginning after December 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 December 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. To access the webcast, visit the “Upcoming Meetings” section of the FASB website, then select the “Attend a Meeting (remote live webcast))” option.