Everyone working on a deadline loves an extension of that deadline.
Those involved in corporate preparation efforts for the massive overhaul of the newly converged revenue recognition standards should not count on any more deadline extensions. You got your one extra year.
Anybody for more clarifications?
Because that’s what the issuing body, the Financial Accounting Standards Board (FASB), offered up on Sept. 19, according to reports.
Comments on the proposed accounting standards update were required by Oct. 4, and since that is today, let’s just assume whomever wanted to comment has already had ample opportunity.
Pardon us while we reiterate -> the new standard goes into effect for public companies for annual reporting periods beginning after Dec. 15, 2017 (2018 for calendar-year public firms). Adoption of the standard for non-public companies is required for annual reporting periods beginning after Dec. 15, 2018.
The FASB board is still weighing some technical corrections and improvements brought up in May of this year. The latest update includes four additional items. Here’s a snapshot of each, courtesy of AccountingWEB:
- Loan guarantee fees: Proposal to clarify the scope of said fees.
- Contract asset vs. receivable: Improve upon the existing example utilized.
- Refund liability: Clarify terminology.
- Advertising costs: Reinstate guidance on accrual of ad costs.