FASB issues ASU deferring the effective date of the new revenue standard
12 Aug, 2015
The FASB has issued an ASU, “Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date,” which defers for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP.
For public business entities, as well as certain nonprofit entities and employee benefit plans, the effective date is annual reporting periods, and interim periods therein, beginning after December 15, 2017. The effective date for all other entities is one year later than this (i.e., December 15, 2018). Early adoption is permitted only as of annual reporting periods, and interim periods therein, beginning after December 15, 2016.
The IASB expects to issue its formal amendment to defer IFRS 15 in September.
For more information, see the press release and ASU on the FASB’s Web site.
