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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.
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Updates on FASB's agenda of standard-setting projects are at http://www.fasb.org/jsp/FASB/Page/TechnicalAgendaPage&cid=1175805470156.
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