A Global Revenue Recognition Standard for Customer Contracts, At Last

“A Global Revenue Recognition Standard for Customer Contracts, At Last” by Mostafa Popal for Smart Business (August 1, 2014)

After a dozen years of collaboration and controversy, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) finally have agreed on how and when companies should recognize revenue. Considered the “crown jewels” of accounting convergence efforts, Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, and International Financial Reporting Standards 15 are expected to produce a major shift in how companies report the top lines in their income statements.

Read the full article