FASB Studies Possible Deferral for Revenue Recognition
The Financial Accounting Standards Board plans to consider in early 2015 whether to give companies more time to adopt the massive new standard on revenue recognition.
At a recent meeting of the Transition Resource Group, FASB Co-Chairman Jim Kroeker said the board has already received “a number of requests,” both written and through direct interactions, to consider deferring the 2017 effective date of Accounting Standards Update No. 2014-09. A group of staff and board members have initiated a process of outreach and site visits to companies of different sizes and in different industries, both public and private, to assess readiness to adopt the standard, he said. Read more on Compliance Week.