CPA & Business Advisory Blog

FASB Votes to Defer Effective Date of the New Revenue Recognition Standard

The FASB has voted for a one-year deferral of the effective date of the new revenue recognition standard in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) for both public and private entities. The FASB will issue an exposure draft with a 30 day comment period.

breaking_newsThe proposal would require public entities to apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein (i.e., January 1, 2018, for a calendar year entity). Public entities would be permitted to elect to adopt the amendments as of the original effective date (i.e., for annual reporting periods beginning after December 15, 2016).

The proposal would require nonpublic entities to apply the amendments in ASU 2014-09 for an annual reporting period beginning after December 15, 2018 (i.e., January 1, 2019, for a calendar year entity) and interim reporting periods within annual reporting periods beginning after December 15, 2019. A nonpublic entity may elect to apply the amendments as of the original effective for public companies (i.e., an annual reporting period beginning after December 15, 2016, including interim reporting periods therein).

Originally posted by CCH Incorporated.


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