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FASB Approves One-Year Deferral for Revenue Recognition

Tammy Whitehouse | July 9, 2015

The Financial Accounting Standards Board has approved a one-year deferral of the effective date of the new standard on revenue recognition, pushing the adoption requirement out to 2018.

FASB met to review comments on its April proposal to defer the effective date and determined it will move forward with a one-year delay for all entities. Public companies will be required to adopt the new standard with interim periods beginning after Dec. 15, 2017, so the standard takes effect in January 2018. The board also determined it will allow companies to adopt the standard as of the original effective date, which is January 2017, if they are inclined to do so.

FASB developed and approved the massive new accounting standard...

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