FASB voted Wednesday, May 20, to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements.
The final Accounting Standards Update (ASU) is expected to give nonpublic entities the option of adopting the revenue recognition standard (Topic 606) on the current implementation date or deferring implementation for one year.
FASB board members have already indicated they will vote in favor of the ASU on the final ballot.