The Financial Accounting Standards Board (FASB) has released an update that makes official a recent decision to delay the effective date of the new revenue recognition standard. The FASB decided to move the effective date based on feedback from stakeholders that began shortly after the new standard's approval in May, 2014. Stakeholders had requested additional time to get ready for the standard's implementation, particularly those who worked in fields that emphasized intellectual property and licenses. As of now, officially, the effective date has been moved from Dec. 15, 2017 to Dec. 15, 2018.