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The Daily

IASB Votes to Delay Revenue Recognition by One Year

Chris Gaetano
Published Date:
Jul 23, 2015
Danger signThe International Accounting Standards Board (IASB) voted to delay implementation of its revenue recognition standard for one year during its most recent meeting, just a few weeks after the Financial Accounting Standard Board (FASB) voted for its own delay. The effective date for the standard for IFRS users has now gone from Jan. 1, 2017 to Jan. 1, 2018. Hans Hoogervorst, chair of the IASB, said that the move was to allow companies more time to prepare for the transition as well as make sure the IASB's effective date aligned with that of the FASB.