The Financial Accounting Standards Board voted in mid-July to approve a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The standard was originally set to take effect for public companies for financial reporting periods starting next December. However, many companies had complained that it would take them more time to adjust to the complex rules in the new standard. A joint Transition Resource Group set up by FASB and the International Accounting Standards Board has also requested more guidance on implementation of certain facets of the new standard, such as performance obligations and licensing.
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