Summary of Board decisions are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions are included in an Exposure Draft for formal comment only after a formal written ballot. Decisions in an Exposure Draft may be (and often are) changed in redeliberations based on information provided to the Board in comment letters, at public roundtable discussions, and through other communication channels. Decisions become final only after a formal written ballot to issue an Accounting Standards Update.
September 19, 2011 FASB Board Meeting
Revenue recognition. The Board discussed whether the effective date of the proposed revenue recognition standard should be deferred for nonpublic entities beyond the effective date for public entities and decided that the effective date of the new guidance for nonpublic entities will be a minimum of one year after the effective date for public entities. The Board previously indicated that it expected the effective date for public entities to be no earlier than annual periods beginning on or after January 1, 2015. The Board will reconsider the proposed effective date, and other aspects of the Exposure Draft, before issuing a final standard.