On Wednesday, April 1, 2015, the Financial Accounting Standards Board (FASB) voted to issue a proposal that will defer the effective dates for the new revenue recognition standard, Topic 606, Revenue from Contracts with Customers. The proposal, if approved, will defer the effective date of Topic 606 by one year for both public and nonpublic entities.
The table below shows a breakdown of the revised effective dates that will be proposed for public and nonpublic entities:
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The FASB will expose the proposal for a 30-day comment period. For more information on Topic 606, see our July Revenue Recognition white paper. If you have questions on how the proposed deferral may impact your organization, contact your Moss Adams professional.