Deferral of New Revenue Recognition Standard?
The Financial Accounting Standards Board (FASB) has received a number of requests to delay implementation of the new revenue recognition standard, and the board initiated a series of company site visits to assess progress and implementation challenges. Each outreach includes a detailed discussion about transition method, implementation plan and status, perspective about whether a deferral is necessary and the effect of a deferral on implementation costs. When these site visits conclude in the first quarter of 2015, FASB and the International Accounting Standards Board will review the results. FASB plans to reach a final decision early in the second quarter of 2015 about whether to delay the new standard’s effective date.