FASB Proposes Deferral of New Revenue Standard Effective Date
During its April 1 meeting, the Financial Accounting Standards Board (FASB) voted to propose deferring by one year the effective date of the new revenue recognition standard. The proposal also gives entities the option to adopt the standard one year earlier, i.e., on the original effective date. The deferral is not final and is subject to the board’s due process requirement. FASB plans to issue a proposed Accounting Standards Update on the deferral of the effective date with a 30-day comment period.