Converged Revenue Recognition Effective Date Delayed

No data was found

A converged revenue recognition accounting standard continues to be a topic of interest and debate. Last week, the Financial Accounting Standards Board (FASB) announced a one-year on standardizing U.S. treatment of revenue recognition with the International Accounting Standards Board (IASB).

The delayed implementation of a converged accounting standard is welcome news to many companies on both sides of the Atlantic. The deferral offers the standard setters more time to provide clarifications on how to implement a new standardized treatment of revenue recognition and allows companies more time to apply the standard.

In the FASB announcement, publically traded business, some not-for-profits, and employee benefit plans were informed they should apply the new standard to annual reporting periods beginning after December 15, 2017.

Most companies are expected to apply the new standard for annual reporting periods beginning after December 15, 2018 and interim reporting periods within annual reporting periods beginning after December 15, 2019.

For questions around the convergence of revenue recognition, contact Scott Walters, Audit and Assurance Services Leader, at [email protected].

No data was found

Latest Blog Posts

Person using credit card for online shopping

The Wayfair Decision Impacts More Than Sales Tax

The ripple effect of the landmark Wayfair decision (“South Dakota vs. Wayfair”) continues to confound CFO’s, accountants, and financial analysts throughout the US. In Part One of our series on the evolution of multi-state tax

Read More
Person using calculator

Year-End Tax Planning for Calendar Year 2021

Executive Summary Year-end tax planning not only provides an estimate of your 2021 tax liability, it can also reveal opportunities to lower your overall tax liabilities!  For cash basis taxpayers, defer income and accelerate expenses,

Read More