FASB Votes to Delay Implementation of Revenue Recognition Rules

At a meeting held on July 9, 2015, FASB voted to approve a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. A majority of nonpublic entities will have until annual reporting periods beginning after December 15, 2018 to implement the new revenue recognition rules. Certain not-for-profit entities and employee benefit plans will be required to implement the new standard for reporting periods beginning after December 15, 2017.

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