Insights

COVID-19: FASB Staff Q&A Regarding Lease Concessions

On April 10, 2020, the Financial Accounting Standards Board (FASB) released a Staff Q&A to provide guidance surrounding the accounting for lease concessions granted by landlords as a result of the COVID-19 pandemic. The additional interpretive guidance is summarized below:

Screen Shot 2020-04-16 at 3.15.06 PM

In addition, FASB re-affirmed that:

      • This policy should be applied consistently to similar situations with similar characteristics.
      • Disclosures about material concessions granted (lessors) or received (lessees), and the related accounting effects, should be provided to assist financial statement users in understanding the nature and financial effect of the lease concessions related to the COVID-19 pandemic.

 

Our latest guidebook provides leaders with a roadmap to enhance resiliency plans, simplify operations, address new financial requirements, and more. To download, please click the link below.

Download Now

Lender Beware: Navigating the Risks of Paycheck Protection Program Lending
Roadmap to Recovery: Helping Organizations Emerge Stronger
Related Posts
Establishing Your IPO Team: Third Parties Needed for Success
Establishing Your IPO Team: Third Parties Needed for Success
Audit, Cyber, and Operational Readiness for a Public Digital Payments and Exchange Firm
Audit, Cyber, and Operational Readiness for a Public Digital Payments and Exchange Firm
Automated Multi-Currency Management and Accounting Transformation for a Hedge Fund Company
Automated Multi-Currency Management and Accounting Transformation for a Hedge Fund Company

Comment