The Financial Accounting Standards Board (FASB) today voted to approve a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.

Complete details about today’s decisions—including those related to interim reporting and early adoption—are available in the summary of tentative Board decisions, available at the FASB website.

The FASB expects to issue its final Accounting Standards Update formally amending the effective date by the end of the third quarter of 2015.

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