On April 1, 2015, the Financial Accounting Standards Board (FASB) decided to defer the effective date of the new revenue standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This proposed one-year delay is intended to provide entities adequate time to effectively implement the new standard.
The new revenue standard, which was officially issued by the FASB in May 2014, standardizes how companies should recognize revenue in financial statements under US Generally Accepted Accounting Principles (GAAP).
As a result of the proposed deferral, public entities would apply the new revenue standard to annual reporting periods beginning …read more
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