FASB votes to defer the effective date of new revenue standard
09 Jul 2015
At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of the new revenue standard (ASU 2014-09, "Revenue From Contracts With Customers") for public and nonpublic entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).
The FASB has directed its staff to prepare a final Accounting Standards Update for vote by written ballot. For more information, see Deloitte's related Heads Up as well as the tentative board decisions on the FASB's website.
The IASB has recently concluded the comment period on its proposed deferral and will discuss the feedback at a future meeting. Comments received so far seem to support the proposal.
