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FASB Delays Landmark Revenue Recognition Standard

DMLO CPAs | info@dmlo.com

On July 9, 2015, the Financial Accounting Standards Board (FASB) officially deferred implementation of the landmark global revenue recognition accounting standard by one year. The International Accounting Standards Board (IASB) is expected to follow suit, despite fewer complaints about the new guidance from companies that follow International Financial Reporting Standards (IFRS).

Many years in the making

Revenue is considered one of the most important measures of a company’s financial health, and proper implementation of the standards is high on the FASB’s list of priorities. In May 2014, the FASB published Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The standard was largely converged with IFRS 15, Revenue from Contracts with Customers, and is considered one of the most important standards the FASB has released in recent years. Continue reading

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One of the biggest challenges of tax planning is that perhaps the only tax law certainty is that there will always be some uncertainty. Changes - whether they come from Congress, the IRS or the courts - can occur at any time. The inevitability of change is why it's critical to develop a flexible tax-reduction strategy, stay on top of tax law developments and be ready to react quickly when change occurs. Don't pay more tax than you have to! Click the image to view our online tax planning guide, or call us - we'll help you figure it out!

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