With every revenue recognition workshop we have presented to date participants have had strong opinions on the new standard\u2019s implementation date. (For public companies the new standard must be implemented for periods beginning after December 15, 2016, years after December 15, 2017 for non-public companies.)<\/p>\n
The FASB and IASB put this date into the public discussion well before the final standard was issued. That said, as soon as the final standard was published late last May constituents began voicing concerns about the feasibility of meeting this date. (Yes, given the protracted timing building new accounting standards many of us still don\u2019t pay attention to the standard setting process until the new standard is final!)<\/p>\n
In June and July, after feedback from constituents about the effective date began to flow in, the board indicated that they would be listening and be ready to react to this feedback.<\/p>\n
At the Transition Resource Group meeting on October 31, 2015, it became clear that, as they always do, the board is listening.\u00a0\u00a0 At this meeting of the FASB Vice Chair Jim Kroeker announced that the Board and the FASB Staff will conduct additional outreach with both public and private companies over the next several months to gauge their progress in preparing to implement the new revenue recognition standard.<\/p>\n
Mr. Kroeker emphasized that the Board is considering whether or not to defer the effective date of the new revenue standard. He also said that a decision will be made no later than the second quarter of 2015.<\/p>\n
You can check out the archived webcast of the entire TRG meeting at:<\/p>\n
www.fasb.org\/cs\/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176164066683<\/a><\/p>\n As always, your thoughts and comments are appreciated!<\/p>\n Do you think the date should be deferred? Lets us know, and we will summarize everyone\u2019s thoughts!<\/p>\n","protected":false},"excerpt":{"rendered":" With every revenue recognition workshop we have presented to date participants have had strong opinions on the new standard\u2019s implementation date. (For public companies the new standard must be implemented for periods beginning after December 15, 2016, years after December 15, 2017 for non-public companies.) The FASB and IASB put this date into the public … Continue reading When-fore art thou revenue recognition?<\/span>