The FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic. This deferral relief is for those entities for which the guidance is either currently effective or imminently effective. 

The FASB recognized that all nonpublic entities have had to allocate resources to day-to-day changes in operations making financial accounting tasks extremely challenging. As a result, the FASB issued ASU 2020-05 to allow nonpublic entities that have not yet issued financial statements (or made available for issuance), including not-for-profit organizations, to defer, for one year, the effective date of ASU 2014-09. Nonpublic business entities are still allowed to adopt ASU 2014-09 for periods beginning after December 15, 2018. Application of the deferral is to be made at the entity level based on individual revenue streams.

The FASB has not issued a delay of ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. Contributions received by a not-for-profit entity are outside the scope of ASC Topic 606. The FASB determined that this ASU would not be delayed as the content has guidance that relates to the CARES Act and PPP loans as well as other grants provided during the pandemic. However, not-for-profit entities can still take advantage of the deferral of ASU 2014-09.

For ASU 2016-02, the FASB acknowledged in previously issued ASUs the challenges, which have been further amplified with the current pandemic, associated with implementation of major ASUs for private companies, smaller public companies and not-for-profit entities. Additionally, roundtables with public companies to discuss implementation issues and potential practical expedients have been postponed due to the COVID-19 global pandemic. The FASB issued ASU 2020-05 to allow for the deferral of the implementation date of ASU 2016-02 to fiscal years beginning after December 15, 2021 for private companies, smaller public companies, not-for-profits, and employee benefit plans. ASU 2016-02 is effective for public not-for-profits that have not issued financial statements (or made available for issuance) for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted.

The full text of ASU 2020-05 is available here

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