The Financial Accounting Standards Board on Wednesday announced its intent to meet next week and address standard-setting issues related to the ongoing coronavirus pandemic.
The meeting will be held April 8, FASB said, and will include discussions related to urgent accounting issues, agenda requests for deferral of standards, and the pandemic’s impact on other standard-setting activity. The meeting will be viewable to the public.
FASB was already dealt a setback last month when the $2 trillion stimulus package approved by Congress and signed off by President Trump included language to delay the impact of the accounting rulemaker’s current expected credit losses standard (CECL) until either the end of the current national emergency or Dec. 31, 2020, whichever comes first. CECL went into effect Jan. 1 for large Securities and Exchange Commission filers, most notably big banks and insured depositary institutions.
The stimulus package also provided relief from accounting for troubled debt restructurings (TDRs) under U.S. GAAP. It suspends requirements for TDRs for the term of loan modifications not more than 30 days past due as of Dec. 31, 2019.
FASB specifically said it will address TDRs as well as lease modifications among the priority issues it seeks to provide clarity on during its meeting. “FASB continues to work in close collaboration with the Securities and Exchange Commission staff, the [American Institute of Certified Public Accountants], banking regulators, and other stakeholders,” the rulemaker said.
Further, FASB will discuss effective date deferral requests for significant standards not yet effective and the sunset date for reference rate reform.