The good news: Companies are almost certain to win an extra year to implement the massive new revenue recognition accounting standard. The bad news: You’re going to need every bit of it.
The Financial Accounting Standards Board is proposing to extend for one year the effective date of the new accounting standard, which establishes a new way to determine when and how to recognize revenue in financial statements. The U.S. Generally Accepted Accounting Principles standard, issued last year in tandem with a new rule for International Financial Reporting Standards, is slated to take effect Jan. 1, 2017.
