
FASB Votes to Postpone Revenue Recognition & Leases Standards
Posted by Christina K. Bell, CPA On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all nonpublic entities that have not yet issued their financial statements. “They [private companies] may not have the technology or resources to effectively implement the … Continued