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FASB May Offer Deferral, Early Adoption on Revenue Rule

Tammy Whitehouse | February 2, 2015

In addition to considering a deferral of the new revenue recognition standard, the Financial Accounting Standards Board might also contemplate whether to allow companies that are ready to follow the new standard do so as early adopters.

Board members and staff at the FASB have met with preparers from a number of different companies and in different industries to determine whether companies are moving along a workable time line to adopt the massive new accounting standard on how to recognize revenue, which takes effect in 2017. Staff outreach to assess readiness for the new revenue recognition standard is yielding mixed results, with some companies reporting they are ready to go and others saying they need... To get the full story, subscribe now.