Blog

FASB Votes to delay Revenue Recognition Standard for a Year

Danger sign has voted

However, since its approval, stakeholders have expressed concern about the time frame, as well as about aspects that they felt were impractical for some businesses. Reservations have been particularly strong from the entertainment and software industries, which make heavy use of intellectual property, the rules for which they felt could be more clear, thus prompting the initial calls for a delay. Since then, the FASB has also proposed additional clarifying guidance on licenses and performance obligations.