FASB Provides More Time to Strategize Revenue Recognition

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The Financial Accounting Standards Board (FASB) released a proposal to extend the time companies have to implement and comply with the landmark new revenue recognition standard. This will push the compliance date back for most nonpublic companies to the year ended December 31, 2019. For those trendsetters that want to adopt early, it can be implemented for the year ended December 31, 2017.

In 2014, the FASB issued one of the most important standards it has released in recent years. ASU No. 2014-09, Revenue From Contracts With Customers, scrapped industry-specific guidance in U.S. GAAP and put into place a single, principles-based …read more

Read more here:: Government Contracting

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