The Financial Accounting Standards Board (FASB) will meet on April 8, 2020 to discuss plans to support stakeholders during this pandemic. The items to discuss include responses to pervasive and urgent accounting issues, a possible delay of effective dates, and the impact on standard-setting activities. As the CARES Act includes language regarding changes to adoption of CECL and TDR accounting, clarification is expected.
To read the full FASB media advisory, click here.
Plante Moran is following this closely and will share updated guidance from FASB as soon as it’s available. In the meantime, refer to our COVID-19 resource center for more tax information, plus several guides to help you manage the COVID-19 crisis.