FASB VOTES TO DEFER THE EFFECTIVE DATE
OF REVENUE RECOGNITION STANDARD
BY ONE YEAR
Norwalk, CT, July 9, 2015—The Financial
Accounting Standards Board (FASB) today voted to approve a one-year deferral of
the effective date of Accounting Standards Update
No. 2014-09, Revenue from Contracts with Customers.
Complete
details about today’s decisions—including those related to interim reporting and
early adoption—are available in the summary
of tentative Board decisions, available at the FASB website.
The FASB expects to issue its final Accounting Standards Update formally
amending the effective date by the end of the third quarter of
2015.
About the Financial Accounting Standards
Board
Established in 1973, the FASB is the independent,
private-sector, not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and private
companies and not-for-profit organizations that follow Generally Accepted
Accounting Principles (GAAP). The FASB is recognized by the Securities and
Exchange Commission as the designated accounting standard setter for public
companies. FASB standards are recognized as authoritative by many other
organizations, including state Boards of Accountancy and the American Institute
of CPAs (AICPA). The FASB develops and issues financial accounting standards
through a transparent and inclusive process intended to promote financial
reporting that provides useful information to investors and others who use
financial reports. The Financial Accounting Foundation (FAF) supports and
oversees the FASB. For more information, visit http://www.fasb.org/.