THE NEW STANDARDS
On July 9, 2015, the FASB and the International Accounting Standards Board (IASB) issued guidance deferring compliance with the new standards, ASC 606 and IFRS 15 to January 1, 2018. Public companies have until January 1, 2018 to comply with the new standards. And, if you plan on at least two periods of parallel reporting, you have even less time to get ready. Will you be #RevRecReady?
The current standards recommendations are a culmination of many years of deliberation, consultation, and work on the part of FASB and the IASB to harmonize the way companies calculate and report deferred revenue.