Every Homebrew I've played in has had it slightly different in terms of Dwarves and their facial hair.
Some have it the more traditional, Men have beards all day-err day, and women don't. Others have had it wear not even men always have to have beards, but could easily grow them, as could women.
I think the most interesting though was a setting where the Dwarven society is matriarchal, and the matriarch of each clan had an obscenely large and detailed beard. Like, 4 to 6 feet long, braided, dyed, looped, bunned, what ever. It was a sign of opulence and wealth, a way to show how sophisticated and rich that particular clan was. The beard was attended to quite often by maidens, and was often not allowed to drag on the ground.
If I remember correctly, none of the other women in the clan were allowed to grow beards, unless they were either the clan matriarch, or an heir, and of course the heir's beards were only allowed to be so long, if they chose to grow them.