The FASB issued the proposal after receiving feedback from its Transition Resource Group for Revenue Recognition and other stakeholders. As companies started to implement the new standard, they realized they are ill-equipped for such a drastic change. Financial statement preparers in some industries won’t have enough time to update their systems and processes by the current effective date. This feedback also led the FASB to consider extending the effective date for the standard.
See the full proposal at http://bit.ly/RevRecProposal.
July 2015
