Articles

August 7, 2015

FASB Approves Deferral of the Effective Date of the Revenue Recognition Standard

In July of 2015, the FASB voted to approve the deferral of the Revenue recognition standards by one year.

Nonpublic organizations would be permitted to apply the new revenue standard to annual reporting periods beginning after December 15, 2018 and interim reporting periods within annual reporting periods beginning after December 15, 2019.

Public organizations would apply the new revenue standard to interim reporting periods within annual reporting periods beginning after December 15, 2017. 

The final ASU would allow early adoption, however, you should consult with your accountants prior to a decision to early adopt it.  Should you decide to adopt early, it cannot be before the original public organization effective date which was for annual periods beginning after December 15, 2016.

If you have any questions, please contact Dino Zicopoulos at dzicopoulos@wiss.com or 973.994.9400.