FASB proposes ASU to defer the effective date of the new revenue standard
30 Apr 2015
The FASB has issued a proposed ASU, 'Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date', which would defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under US GAAP.
For public business entities, as well as certain nonprofit entities and employee benefit plans, the effective date under the proposal would be annual reporting periods, and interim periods therein, beginning after 15 December 2017. The effective date for all other entities would be one year later than this (i.e., 15 December 2018). Early adoption would be permitted if certain conditions are met (detailed in the proposal). Comments on the proposed ASU are due by 29 May 2015.
For more information, see Deloitte's related Heads Up newsletter and the press release and proposed ASU on the FASB’s website.