Leases Roundtable Could Avert Private Company Adoption Costs
FASB plans to hold a roundtable on April 9 to discuss the implementation experiences of public companies in adopting new lease accounting rules, changes that will take effect next year for private companies. The board’s Private Company Council (PCC) has said that small businesses find it challenging to identify embedded leases for items such as pill dispensers used by pharmacies or plant pots used in an office space. Issues related to determining lease discount rates are also significant because accurately estimating these rates can have a significant impact on a company’s lease liabilities and right-of-use (ROU) assets. The panel discussion will focus on these and other broad technical issues, the board states. The roundtable will be held from 9:00 a.m. to 4:00 p.m. Eastern Time at FASB’s headquarters in Norwalk, Connecticut. Panel participants include financial statement users, preparers, auditors, and industry representatives.
IFRS Foundations Cancels, Changes Some Panel Meetings due to Coronavirus Concerns
The IFRS Foundation has canceled its upcoming IFRS Advisory Council meeting and moved its April Accounting Standards Advisory Forum (ASAF) to webcast only because of coronavirus (COVID-19). Meetings of the IASB, IFRS Taxonomy Consultative Group, and Capital Markets Advisory Committee will take place this month as scheduled. The Advisory Council is the advisory body to the IASB and the trustees of the IFRS Foundation; 51 organizations from around the world are represented on the Advisory Council, with 50 individual members, and three additional organizations are official observers. It meets in London at least twice a year for two days.