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FASB proposes ASU to defer the effective date of the new revenue standard

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

30 Apr 2015

The FASB has issued a proposed ASU, 'Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date', which would defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under US GAAP.

For public business entities, as well as certain nonprofit entities and employee benefit plans, the effective date under the proposal would be annual reporting periods, and interim periods therein, beginning after 15 December 2017. The effective date for all other entities would be one year later than this (i.e., 15 December 2018). Early adoption would be permitted if certain conditions are met (detailed in the proposal). Comments on the proposed ASU are due by 29 May 2015.

On 28 April 2015, the IASB tentatively decided to defer by one year the effective date of IFRS 15 Revenue from Contracts with Customers, to 1 January 2018, but did not propose changing the standard’s early-adoption provisions. As a result, the effective date of IFRS 15 would generally align with that in the proposed ASU. In May 2015, the IASB is expected to issue an exposure draft with a 30-day comment period on the deferral.

For more information, see the press release and proposed ASU on the FASB’s website.

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