In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09 to more closely align the US GAAP methods of recording revenue with the international financial reporting standards. The full copy of the guidance is located on the FASB website.
In April 2015, FASB voted to propose a one-year deferral of the effective date (January 1, 2017 for public companies and January 1, 2018 for nonpublic companies under US GAAP) of the new standard. The final decision on the deferral will be subject to FASB’s due process requirement, which includes a 30-day comment period.