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New Revenue Recognition Standards for Private Companies Delayed
Citing pressures created by the global COVID-19 pandemic, the Financial Accounting Standards Board (FASB) voted to extend the effective date of the new revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) for one year.  The extension is available for non-public (private) entities that have not yet issued their financial statements.
The delay was originally going to be extended only to privately held franchisors, but feedback convinced FASB that a broader extension was needed to give all private companies time to deal with the economic disruption caused by the pandemic.
Companies will have the option of adopting the new revenue recognition standard on the original implementation date or to defer implementation for one year.
For additional information or guidance on this decision, please contact Gray, Gray & Gray at (781) 407-0300.

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