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ASU 2014-10 [FASB ASC 915] Development Stage Entities

On June 10, 2014, the FASB released Accounting Standards Update [ASU] 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. This ASU amends FASB ASC 915, Development Stage Entities, to remove all incremental financial reporting requirements for development stage entities, thereby improving financial reporting by reducing the cost and complexity associated with providing that information.