IASB Votes for One Year Delay of New Revenue Standard
As expected, the International Accounting Standards Board (IASB) this week voted in favor of a one-year deferral of the start date for the newly converged revenue guidance. Though the delay would maintain alignment with the Financial Accounting Standards Board (FASB) proposal earlier this month for a similar one-year delay to their new standard, officials for […]
IASB Looks to Follow FASB Lead on Delay
Taking the concept of ‘convergence’ to heart, the start date of new revenue recognition guidelines is likely to be delayed internationally now, following recent actions in the U.S. According to multiple reports this week, including the Wall Street Journal and Compliance Week, the international rule makers at the International Accounting Standards Board (IASB) will propose […]
One Year Delay Proposed by FASB
The Financial Accounting Standards Board proposed a one year delay in enacting the new revenue recognition standards announced last year. The governing board also agreed to allow early adoption in the proposal voted on Wednesday, according to the Wall Street Journal. Once the proposal for a delay is officially issued by FASB, the public will […]
FASB to Discuss #RevRec Standard Effective Date Deferral
Governing boards overseeing the newly converged revenue recognition standard are still weighing decisions regarding a potential deferral in the effective date of the standard, with FASB set to hold further discussions this Wednesday, April 1. Let’s hope that’s not an April Fool’s Day ruse. The standard is currently scheduled to take effect for reporting periods beginning […]
Boards to Adjust New Revenue Standard
While a deep dive into any delay for the new revenue recognition standard won’t take place until next month, governing boards this week made solid progress toward some key revisions to the complex new converged standard. At their joint meeting for March, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) voted in […]
CFOs in the Dark on New RevRec Rules
If you’re reading this, you are already on your way to becoming well-versed on the newly converged revenue recognition standard announced last year. Apparently, you’re one up on the person most responsible for your company’s financial standing in this regard, as well. As was just covered in a CFO.com report, more than half of the […]
Boards to Clarify Revenue Recognition Guidance
One piece of news and more credence to an ever-growing assumption were the big takeaways from the latest meeting of the accounting minds. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), in their joint meeting on Wednesday, proposed that some portions of their converged revenue recognition standard need to be ironed […]
Might Early Adoption Accompany FASB Delay
The distinct possibility that some on-the-ball companies might be granted early adoption status for the new revenue recognition rules is the latest tidbit to come out of the Financial Accounting Standards Board’s own readiness research. That development, plus the chance of additional rule-making in response to FASB findings, is being reported in Compliance Week and […]
Help is on the Way: TRG Tackles Revenue Topics
In June 2014, The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG). The role of TRG is to keep IASB and FASB informed about possible hurdles predicted in the implementation of the new revenue recognition standards across all […]
FASB: To Delay or Not to Delay
Looks like it’s wait ‘till next month to learn more about a possible delay in the effective date for sweeping revenue recognition rule revisions, folks. As noted late last year, the Financial Accounting Standards Board (FASB) floated the possibility of delaying the 2017 effective date of Accounting Standards Update No. 2014-09, the newly converged guidelines adopted […]
Possible FASB Delay Shouldn’t Equate to a Delay for You
Just because the Financial Accounting Standards Board (FASB) is considering a possible deferral for the new revenue recognition guidelines doesn’t mean your company should push the pause button on any ongoing implementation efforts. If anything, use this possible extension for what it represents, which, to use an aeronautical analogy, could be a longer runway from […]