FASB Proposes One-Year Deferral Of New Revenue Rule Effective Date(1)

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April 1 — The Financial Accounting Standards Board voted 4-3 to propose deferring the effective date of the new revenue accounting standards one year for public and private companies.

FASB also voted to allow companies that want to adopt the guidance at the initial Jan. 1, 2017, effective date to do so.

The one-year deferral means that public companies would apply the guidance to annual periods beginning after Dec. 15, 2017, and nonpublic companies would apply it to annual periods beginning after Dec. 15, 2018.