The FASB recently issued ASU 2015-14 to defer the effective date of its new revenue recognition standard by one year. As such, it now takes effect for public entities in fiscal years beginning after December 15, 2017. All other entities have an additional year. However, early adoption is permitted for any entity that chooses to adopt the new standard as of the original effective date.
According to our latest survey of residential furniture manufacturers and distributors, new orders in June 2015 were up 10 percent over July 2014 and down just slightly from May. This followed a 5 percent increase reported last month comparing May 2015 to May 2014. New orders in June 2014 were 5 percent higher than June 2013.