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Potential Delay of New Revenue Recognition Standard

Posted 3:44 PM by

A Transition Source Group (TRG) has been created by the Financial Accounting Standards Board (FASB) and has been charged with informing the FASB about potential implementation issues regarding Accounting Standards Update (ASU) 2014-09 Revenue from Contracts with Customers.

At its October meeting, the TRG discussed requests by stakeholders for deferral of the effective date of the ASU. Currently, the ASU is effective Jan. 1, 2018 for nonpublic, calendar year entities.

The FASB plans to perform site visits and will decide in the second quarter of 2015 if deferral of the implementation date is needed.

About the Author
Matt Bishop is a director in Katz, Sapper & Miller’s Audit and Assurance Services Department. Matt audits and reviews financial statements, and he advises clients on accounting, reporting and compliance matters. Connect with him on LinkedIn.