Russell Golden

Golden, who just completed his term at FASB, will be chairing an Assurance Quality Advisory Committee at PwC.

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their second terms.

The meeting was the last in chairman Russell Golden’s term.

The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.

The Financial Accounting Standards Board has appointed Hillary H. Salo, a partner at KPMG, as its new technical director and chair of the Emerging Issues Task Force.

The proposal would delay the effective date for one year for some private companies and nonprofits in applying the leases standard and for franchisor businesses in applying the revenue recognition standard.

The Financial Accounting Standards Board plans to propose that private companies and nonprofits get an extra year to implement the lease accounting standard while also giving private franchisor companies an extra year for revenue recognition.

The board's ASU offers temporary optional guidance to help with the accounting for reference rate reform.

The Financial Accounting Standards Board made some narrow improvements to different aspects of the financial instruments guidance, including the current expected credit losses standard.

Financial Accounting Standards Board Chairman Russell Golden compared the standard-setting process to the new race car movie, “Ford v Ferrari,” even though he admitted the process usually isn’t so speedy.