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FASB Defers Revenue Recognition Standard for 1 Year

The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents.

FASB Defers Revenue Recognition Standard for 1 Year


By
New York (April 1, 2015)

The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents.

FASB met Wednesday to discuss the results of staff research and outreach regarding the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which it converged last year with the International Accounting Standards Board. The board discussed both a deferral of the effective date and an “early adoption” provision. The FASB board members decided to defer the effective date of the new revenue standard by one year. As a result, public entities would apply the new revenue standard to annual reporting periods beginning after Dec. 15, 2017. Nonpublic entities would apply the new revenue standard to annual reporting periods beginning after Dec. 15, 2018.

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