April 2, 2015

FASB Agrees to Delay Implementation of Revenue Recognition Rules

At a meeting held on April 1, 2015, FASB verbally agreed to delay the required effective date of the new Revenue Recognition Rules. While FASB has yet to issue its proposal for the delay, all reports are stating that the original deadline of 2017 will be delayed to 2018. Without the written proposal, one can only speculate as to how the proposal will effect everyone, as the 2017 deadline pertained only to publicly-traded businesses. Nonpublic entities had a deadline of 2018. Let’s hope that FASB will provide a one-year delay to both public and nonpublic companies, resulting in the nonpublic deadline to be pushed out to 2019. We’ll keep you posted as events unfold.
And for you early birds out there who are already prepared to implement the standards based on the original deadlines – don’t worry – FASB indicated that they would include a provision in the new proposal to allow for early implementation.
Any questions, please contact Linda Pearson, CPA, CFE, at 401-752-0566.
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