Yes, there is a grace period. Here's how it works. Right NOW, transcribers are to finish any books already started using the old 1997 Formats. A new book can be started EITHER in the new Formats or the old. In other words, we MAY start a new book with the new 2011 Formats if desired. There will be an implementation date given by BANA and we think it will be January 1, 2013. It hasn't been officially annoucned yet. Any book started after January 1, 2013 (or after whatever the implementation date is) MUST be done with the new 2011 Formats.
We will do our best to answer questions on both the old and new Formats here at the forum.