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U.S. comment letter on deferring the effective date of the new revenue standard

Published on: May 29, 2015

Deloitte & Touche LLP comments on the FASB's proposed ASU, Deferral of the Effective Date, issued by the FASB on April 29, 2015.

An excerpt from the comment letter is shown below:

We support the Board’s proposal to defer for one year the effective date of the new revenue standard (ASU 2014-09) for public and nonpublic entities reporting under U.S. GAAP and to permit entities to early adopt the standard as of its original effective date. Such a deferral should allow us sufficient time to identify and understand the changes required by the new revenue standard, develop resources, and train our practitioners. Further, given the pervasive nature of the changes to many entities’ financial statements that will result from adoption of the new revenue standard (including changes related to topics other than revenue recognition, such as cost recognition and income taxes), such a deferral would allow more time for us to dedicate the necessary resources to audit our clients’ transition to the new standard.

Full text of the comment letter is available below.

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