The Financial Accounting Resource Center™ is a comprehensive research service that provides the full text of standards, the latest news from the Accounting Policy & Practice Report ®,...
Feb. 26 — The Financial Accounting Standards Board plans to meet in April to consider a possible deferral of the new, far-reaching standard on revenue recognition, a FASB staff accountant said.
A number of telecommunications, technology and other companies have urged FASB to delay the Jan. 1, 2017, effective date of the revenue reporting rules. The U.S. board and the International Accounting Standards Board issued the similarly worded, jointly written standards last May.
Companies have said that applying the new revenue rules will entail burdensome systems and other changes that require time to complete. IASB's staff plans to meet with the U.S. board “in April, potentially, to discuss the effective date and whether it should be delayed,” Philip Hood, a staff accountant, said Feb. 26 during a FASB webcast forum.
In related action, FASB and IASB are considering small changes to the standards and issuance of implementation guidance aimed at easing the transition to the new standards. That guidance is to be completed this year, Hood said.
In other comments on FASB's timetable for completion of standard setting, Rahul Gupta, a staff accountant at the board, said that it expects to issue a final standard on classification and measurement of instruments in the second quarter of this year. A related instruments effort, on loan losses and other impairment of financial assets, is expected to yield final rules in the third quarter.
FASB hasn't yet decided on the effective dates for the planned standards on financial instruments, Gupta said.
To contact the reporter on this story: Steve Burkholder in Norwalk, Conn., at email@example.com
To contact the editor responsible for this story: Cheryl Saenz at firstname.lastname@example.org
Updates on FASB's agenda of standard-setting projects are at http://www.fasb.org/jsp/FASB/Page/TechnicalAgendaPage&cid=1175805470156.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)