Effective Date for Newly Proposed Rules on Revenue Recognition

At their September 19 meeting, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (the “Boards”) weighed-in on the effective date for newly proposed rules on revenue recognition.  The Boards determined that the new guidance will be effective for nonpublic entities a minimum of one year after the effective date for public entities.  The Boards have tentatively reached a decision to make the effective date for public entities no earlier than accounting periods beginning on or after January 1, 2015.  The Boards have not yet announced the release date of the final standard.

If you would like to discuss further, please contact Aaron Cook at 216-928-5372 or email at acook@meadenmoore.com.