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For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018.

For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

Early application is permitted.

The amendments should be applied using a modified retrospective basis through a cumulative-effect adjustment directly into retained earnings as of the beginning of the period of adoption.