Under the SEC’s new rule, public companies (other than small business issuers) will be required to implement FAS 123(R) at the beginning of their first fiscal year that begins after June 15, 2005. Public companies that file as small business issuers must implement FAS 123(R) by their first fiscal year beginning after December 15, 2005. The new SEC rule does not alter the compliance date for nonpublic companies, which is the beginning of the first fiscal year beginning after December 15, 2005.

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