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FASB votes to defer the effective date of new revenue standard

  • FASB (US Financial Accounting Standards Board) Image

Jul 09, 2015

At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of its new revenue standard (Accounting Standards Update (ASU) No. 2014-09, "Revenue From Contracts With Customers") for public and nonpublic 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 Deloitte's related Heads Up newsletter as well as the ten­ta­tive Board de­ci­sions on the FASB’s Web site.

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