Revenue Recognition Standard: FAQs
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The new ASU is available here.
Download our whitepaper for Frequently Asked Questions and Answers to help facilitate discussions between management teams, audit committees, boards of directors, and auditors regarding this far-reaching accounting standard.
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