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FASB issues ASU deferring the effective date of the new revenue standard

  • FASB document Image

Aug 12, 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.

For more in­for­ma­tion, see Deloitte's related journal entry as well as the press release and ASU on the FASB’s Web site.

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