Industry Insights

FASB Defers Revenue Standard Effective Date

July 2015

On July 9, the Financial Accounting Standards Board (FASB) approved amendments deferring the effective date of the new revenue recognition standard by one year. Public and nonpublic entities will be allowed to adopt the new revenue standard early, but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. Entities should use this additional time to develop a comprehensive transition plan, including an evaluation of implementation issues, potential system solutions and any needed internal control updates.

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