On April 1, the FASB proposed pushing back the effective date of the new revenue recognition standard by one year.
The expected adoption of the proposal will cause Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers to be effective for annual reporting periods and interim reporting periods within annual periods beginning after December 15, 2017 for public companies. Private companies will be required to implement the standard for annual periods beginning after December 15, 2018, and interim reporting periods within annual periods after December 15, 2019.
Learn more about the proposed delay in this MHM Messenger.