- February 10, 2015
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The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their long-awaited converged standard on revenue recognition. Essentially, the new rule will do away with current industry-specific accounting practices and instead apply a single set of principles to all revenue transactions.
APQC's senior research fellow for financial management, Mary Driscoll, interviewed Gabe Zubizarreta, CEO and founding principal of Silicon Valley Accountants, about the impact of the changes to revenue recognition within finance and beyond its walls. This article contains a summary of their interview.