US FASB tentatively decides to defer the new revenue standard

  • FASB meeting (lt blue) Image

01 Apr, 2015

At its meeting today, the US Financial Accounting Standards Board (FASB) tentatively decided to defer for one year the effective date of the new revenue standard (ASU 2014-09 'Revenue From Contracts With Customers') for public and nonpublic entities reporting under US GAAP.

The Board also tentatively decided to permit entities to early adopt the standard. The tentative decisions will be exposed in an upcoming proposed Accounting Standards Update (ASU) with a 30-day comment period.

It is currently unclear whether the IASB will defer the effective date of IFRS 15 Revenue from Contracts with Customers; the IASB plans to discuss this issue later in April.

For more information, see the tentative board decisions on the FASB's website.

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