FASB update: Responding to COVID-19 accounting issues and more

How has the FASB addressed accounting concerns during  the COVID-19 crisis? To help keep preparers well-informed, PwC director Maria Constantinou joins Heather Horn to discuss recently-issued FASB guidance regarding COVID-19 and other areas of standard setting.  Topics include:2:01 - Effective date deferral. In the midst of the COVID-19 pandemic, the FASB understood that preparers needed help and, therefore, approved a deferral of the revenue and leases standards for some companies. Maria walks through the details.8:42 - COVID-19 issues. Maria covers how the FASB has been working to address the accounting for the impacts of COVID-19, including the recently-issued FASB staff Q&A on hedge accounting. 15:02 - Other active projects. While the formal agenda prioritization project has not happened yet, there are other projects moving forward to be aware of. Maria shares the highlights.Maria Constantinou is a director in PwC’s National office, responsible for monitoring the FASB’s standard-setting activities and is a frequent contributor to PwC's thought leadership efforts. She is also a Digital Accelerator, responsible for automating and enhancing knowledge sharing using the latest technology. Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].