FASB Delays Effective Date for Revenue Recognition Standard

by Rebecca Lunn

On May 28, 2014, Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. However, due to response from stakeholders, the FASB has delayed the effective date by one year. New effective dates are as follows:

  • Public business entities, certain not-for-profit entities, and certain employee benefit plans would apply ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that year. Early application permitted only as of years beginning after December 15, 2016, including interim reporting periods within that year.
  • For all other entities, the ASU is effective beginning after December 15, 2018, and interim reporting periods within years beginning after December 15, 2019. Early application permitted as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period; or an annual reporting period beginning after December 15, 2016.

For additional details on ASU 2014-09, please see the earlier blog post written by Lee Byrd.  You can also contact our office with any questions.