Close
Close

Comment: Deferral of the effective date

Grant Thornton LLP appreciates the opportunity to comment on Proposed Accounting Standards Updates, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. We commend the Board on its efforts to address significant implementation issues in advance of the effective date. As those efforts have led the Board to tentatively decide to clarify certain guidance in the standard, we believe entities could benefit from additional time to understand the guidance and make changes necessary to implement the standard. As such, we support the Board’s proposal to delay the effective date by one year as well as the proposal to allow early adoption as of the initial effective date. We have some concern that a deferral of any length could result in increased costs and a loss of momentum toward implementation. For this reason, we do not support a two-year delay.

Download the PDF.