On May 28, 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09. This new revenue recognition standard will replace virtually all revenue recognition guidance found in U.S. GAAP and IFRS, including the existing guidance found in Topic 605, Revenue Recognition.
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