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ASU 2014-09 [FASB ASC 606] New Revenue Recognition Standard Issued Revenue from Contracts with Customers

The FASB issued Accounting Standards Update [ASU] 2014-09, Revenue from Contracts with Customers. ASU 2014-09 creates FASB Accounting Standards Codification [FASB ASC] Topic 606, Revenue from Contracts with Customers, which will “co-exist” with the current guidance on revenue recognition in FASB ASC 605, Revenue Recognition, until FASB ASC 606 is fully effective for all entities. At that point, FASB ASC 606 will replace FASB ASC 605.