FASB Defers Effective Dates of the New Revenue and Leases Standards for Certain Entities

The FASB deferred by one year the effective date of the new revenue standard for entities that have not yet issued (or made available for issuance) financial statements reflecting the adoption of the standard. The FASB also deferred by one year the effective date of the new leases standard for private companies, private not-for-profit (NFP) entities and public NFPs that have not yet issued (or made available for issuance) financial statements reflecting the new standard. Early adoption is permitted for entities in the scope of both deferrals 

(Source:  EY Accounting – USWeek in Review – June 4, 2020)