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Journal entry — Revenue recognition — FASB announces outreach plan to assess effective date of new revenue guidance

Published on: Oct 31, 2014

At today’s meeting of the FASB/IASB joint transition resource group for revenue recognition, James Kroeker, the FASB vice chairman, announced that the FASB and its staff plan to conduct further outreach with both public and private companies over the next several months to gauge their progress in preparing to implement the guidance in ASU 2014-09.1 Mr. Kroeker emphasized that the Board is considering whether to defer the effective date of the new revenue guidance and noted that a decision will be made no later than the second quarter of 2015.

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1 FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers.

Revenue recognition — FASB announces outreach plan to assess effective date of new revenue guidance Image

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