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FASB votes for one-year delay of revenue standard

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On July 9, the FASB voted to defer the effective date of the new revenue standard, ASU 2014-09, Revenue from Contracts with Customers, by one year. The Board voted to allow early application for both public and nonpublic entities as of ASU 2014-09’s original effective date and the early-adoption options provided for nonpublic entities. This bulletin summarizes the new effective date information for both public and nonpublic entities.