TCH Supports Deferral of Revenue Recognition Standard Effective Date

The Clearing House submitted a comment letter to the Financial Accounting Standards Board supporting their April 29 proposed accounting standards update which would defer the effective date of the Revenue Recognition Standard from December 15, 2016 to December 15, 2017. TCH’s letter is supportive of this delay in light of pending standard-setting activity and ongoing industry discussion about how to interpret the new standard. The letter also urges the International Accounting Standards Board to proceed with a similar proposal to defer the effective date of IFRS 15, Revenue from Contracts with Customers.