On July 17, the Financial Accounting Standards Board (FASB) voted to delay, for certain entities, the effective dates for four major accounting standards. The board’s decision will be reflected in two upcoming drafts outlining the proposals to set the new effective dates, which will be based on certain company criteria ranging from classification by the U.S. Securities and Exchange Commission (SEC) to non-profit status.
This Flash Report outlines what organizations can expect in the FASB’s proposal drafts and explains the actions that should be taken immediately.