Media Advisory 07/09/15
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 www.fasb.org.