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FASB Mulls Deferral on New Revenue Rule

Tammy Whitehouse | March 27, 2015

The Financial Accounting Standards Board will meet next week to review staff research on a possible delay of the new revenue recognition standard and decide whether to formally consider it.

FASB said in November it had received many requests, both written and through direct interaction, for the board to move the 2017 effective date for the massive new standard further into the future. FASB and the International Accounting Standards Board issued joint standards in May 2014, outlining an entirely new process that companies will need to follow to determine the proper timing, amounts and measurements for revenue recognized in financial statements.

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