New Revenue Standard

The International Accounting Standards Board (IASB) on Wednesday voted to approve a one-year delay in the effective date of the converged revenue recognition standard. The delay keeps IASB’s effective date in line with that of the US Financial Accounting Standards Board (FASB), which also voted in favor of a one-year deferral earlier this month.

The new effective date of IFRS 15, Revenue From Contracts With Customers, is January 1st 2018.

Preparers applying IFRS continue to have the option to apply the standard early; preparers using US GAAP are permitted to apply the new standard early on the original effective date. The IASB plans to publish the formal amendment specifying the new effective date in September.

 

 

Ajit S. Chawla, CPA, CA, CGMA

Partner

Affluent Financial Services LLC

Certified Public Accountants

9711 Washingtonian Boulevard, Suite 550

Gaithersburg, MD 20878

301-978 3016

www.affluentcpa.com