On Aug. 12, the Financial Accounting Standards Board (FASB) issued a final accounting standards update that provides a one-year deferral of the effective date of the new Revenue from Contracts with Customers standard. For public companies, the effective date for the revenue recognition standard will be annual reporting periods beginning after Dec. 15, 2017, including interim periods within that reporting period. Earlier adoption is permitted only as of annual reporting periods beginning after Dec. 15, 2016, including interim reporting periods within that reporting period.
On May 29, NAREIT submitted a letter to the FASB on the proposed update. While NAREIT concurred with the proposed deferral, NAREIT did not support the option to early adopt the standard.
(Contact: Christopher Drula at cdrula@nareit.com)