News & Events

Delayed Implementation Date for Some

Delayed ImplementationThe Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) which allows for a later adoption of the revenue and lease ASU’s.

This option is made only to businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements, or financial information of other public companies. Private companies which a public company recently made a significant investment, or were acquired by a public company, will be eligible for this revised implementation date. For more information, contact Linda Marie Pearson, CPA, CFE at 401-752-0566, or view the ASU link.