Bloomberg Tax
May 7, 2020, 9:19 PM

Colleges, Universities Push for Revenue Accounting Delay

Nicola M. White
Nicola M. White

Colleges and universities should get more time to overhaul how they report the top line in their income statements, a large higher education group told U.S. accounting rulemakers.

Schools reeling from major financial disruptions because of the coronavirus pandemic need an extra year to comply with major new revenue recognition accounting rules, the National Association of College and University Budget Officers told the Financial Accounting Standards Board.

The group said FASB should extend the same one-year deferral on the revenue standard the rulemaker is offering to privately held franchisers because colleges and universities are struggling with other coronavirus-related tasks. ...

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