New Revenue Recognition Standard Deferred by FASB

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Announced July 9th 2015, the Financial Accounting Standards Board approved a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. As a result, public entities, certain nonprofit entities, and certain employee benefit plans will apply the new revenue standard to annual reporting periods beginning after December 15, 2017. All other entities will apply the new revenue standard to annual reporting periods beginning after December 15, 2018.

Interim reporting periods for public entities, certain nonprofit entities, and certain employee benefit plans will apply the new revenue standard beginning after December 15, 2017, …read more

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