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

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