August 2018
When the Financial Accounting Standards Board (FASB) finally revealed its new revenue recognition standard (ASU 2014-09 – Revenue from Contracts with Customers) back in 2014, the standard was beyond complex. As a result, the FASB formed 16 industry task groups to clarify and explain the standard, and issued five related standards. These challenges delayed the implementation of the new standard to Jan. 1, 2019 for private companies with calendar year ends.
