FASB announces outreach plan to assess effective date of new revenue guidance
31 Oct 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 (equivalent to the IASB's IFRS 15 revenue standard).
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.
Additional information on the TRG is available in Deloitte’s TRG Snapshot newsletter.
