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Source: Hein & Associates

The Financial Accounting Standards Board (FASB) voted on Wednesday to propose an amendment to delay the effective date of the new rules on revenue recognition for one year.

The FASB will issue a draft with the one-year deferral along with a 30-day comment period. Approval of the deferral is expected.

If FASB moves forward with the proposal, public companies will need to apply the ASU 2014-09 amendments for annual reporting periods that begin after December 15, 2017, including interim reporting periods (or January 1, 2018 for calendar year companies). Public companies can adopt the amendments as of the original effective dates for annual reporting periods beginning after December 15, 2016.

Nonpublic companies will need to apply the ASU 2014-09 amendments for annual reporting periods that begin after December 15, 2018 (or January 1, 2019 for calendar year companies) and interim reporting periods within annual reporting periods beginning after December 15, 2019. Nonpublic companies can adopt the amendments as of the original effective dates for annual reporting periods beginning after December 15, 2016.