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FASB votes to defer the effective date of new revenue standard

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Jul 09, 2015

On July 9, 2015, at its meeting, the Financial Accounting Standards Board (FASB) affirmed its proposal to defer for one year the effective date of its new revenue standard for public and non-public entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).

The FASB has directed its staff to prepare a final ASU for vote by written ballot.

For more information, see the tentative Board decisions on the FASB’s Web site.

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