FASB, IASB - Revenue recognition standard 

May 28:  The FASB and IASB today issued their joint revenue recognition standard that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers.
  • For public business entities and certain not-for-profit entities, the standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those years (early adoption prohibited).
  • For all other entities, the standard is effective for fiscal years beginning after December 15, 2017, and interim periods in fiscal years subsequent to that year (early adoption allowed, but not earlier than public business entities).

Companies can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption.


Read a May 2014 report [PDF 482 KB] prepared by KPMG LLP: Defining Issues: FASB, IASB Issue Revenue Recognition Standard




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this