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FASB Seeks Comment on Revenue Delay, IASB Opts to Defer

Tammy Whitehouse | April 29, 2015

The Financial Accounting Standards Board has issued its formal proposal to defer the effective date of the revenue recognition standard, just after the International Accounting Standards Board voted to propose a one-year deferral for the international standard as well.

FASB’s deferral proposal would delay the effective date of the comprehensive new revenue recognition standard by one year. It also asks for views, however, on whether FASB should allow two years beyond the current effective date for entities that apply the new standard retrospectively, meaning applying...

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