Keep pushing forward on revenue recognition implementation, experts say
Companies need to keep pushing forward in their revenue recognition implementation despite the potential that FASB could defer the effective date of the new standard, experts said Wednesday.
FASB Chairman Russell Golden said Tuesday that the board is actively researching whether the effective date needs to be deferred.
The standard, published in May of this year, is scheduled to take effect for reporting periods beginning after Dec. 15, 2016, for U.S. public companies or reporting periods beginning on or after Jan. 1, 2017, for companies that use IFRS. That timeline means that U.S.-listed companies planning a full retrospective transition need to begin capturing data by Jan. 1, 2015. Read more on the Journal of Accountancy.