According to our latest survey of residential furniture manufacturers and distributors, new orders in November 2014 were 3 percent higher than November 2013. November 2013 new orders were up 10 percent over November 2012 so the 3 percent compares to a good month last year. New orders were up for some 75 percent of our participants, one of the highest percentages we have had for a long time.
During 2014 the Financial Accounting Standards Board (FASB) made progress on several major, long-term projects, while also issuing guidance to resolve known practice issues. The most notable achievement during the year was the issuance of a substantially converged revenue recognition standard by the FASB and the International Accounting Standards Board (IASB) that is scheduled to take effect in 2017. The Boards continued to work together on the joint leasing project, but took different directions on classification & measurement and impairment of financial instruments. The FASB plans to complete those projects in 2015.