On April 1, 2015, the FASB voted to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under U.S. GAAP. The revised proposed standard would be effective for public entities for annual reporting periods beginning after December 15, 2017. Nonpublic entities would be required to adopt the new standard for annual reporting periods beginning after December 15, 2018. Under the revised proposal, entities would be permitted to adopt the standard as early as annual reporting periods beginning after December 15, 2016. Early adoption prior to that date would not be permitted. The FASB will issue an exposure draft with a 30-day comment period.
If you have questions about how the new revenue recognition standard may affect your public or private company, contact a member of our SEC Practice Group.