FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements.
The final ASU is expected to give nonpublic entities the option of adopting the revenue recognition standard (FASB ASC Topic 606,
Revenue From Contracts With Customers)
on the current implementation date or deferring implementation for one year.
For private companies and private not-for-profits, the effective date will be for fiscal years beginning after Dec. 15, 2021 and interim periods within fiscal years beginning after Dec. 15, 2022.