FASB Proposes a One-Year Deferral of the New Revenue Recognition Standard

The FASB proposes to give organizations an additional year to prepare for the implementation of the new revenue recognition standard. The public will have 30 days to comment on the proposed postponement of the effective dates for ASU 2014-09, “Revenue From Contracts With Customers.” If the proposal is approved, the far-reaching new rules would be effective for public companies starting in 2018 and nonpublic companies in 2019.