FASB Decides Earliest Effective Date for Adoption of Revenue Recognition Standard by Nonpublic Entities
Published on:
19 Sep 2011
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Today, the FASB decided that the effective date for adoption of the revenue recognition standard by nonpublic entities will be no earlier than one year after the effective date for adoption by public entities. Because the FASB previously decided that the effective date for public entities would be no earlier than the annual period beginning on or after January 1, 2015, today’s decision means that the effective date for nonpublic entities will be no earlier than the annual period beginning on or after January 1, 2016.
The FASB will continue to discuss the effective date for both public and nonpublic entities during redeliberations of its forthcoming exposure draft.
