It’s a topic near and dear to the hearts of everyone interested in revenue recognition and it appears to be up for discussion this week.
The proposed one-year delay of the effective date for the new revenue recognition guidance is on the docket tomorrow, July 9th, at the FASB board meeting. The gathering of the governing body, which begins at 8 am EST, will review comments received following the proposal put forward in April.
According to the FASB board meeting agenda, revised earlier this week, the group is scheduled to decide whether to proceed to a final Accounting Standards Update on this topic.
If enacted, the new rules, announced in May 2014 as part of an effort to converge guidance with IASB, which is also pursuing a one-year delay, would take effect in 2018 for public companies instead of 2017. Companies ready to adopt for the originally planned 2017 date would be permitted to do so under the recent proposal.
Stay tuned to this space as we report on any helpful information to come out of tomorrow’s meeting.