Revenue Recognition: New Rules Will Mean Major Changes

Published On:

July 01, 2014

Authored By:

Mary Driscoll

Members-Only Content:

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their long-awaited converged standard on revenue recognition.

The rule governs how and when revenues can be recognized in different industries. In essence, the new rule will do away with current industry-specific accounting and instead apply a single set of principles to all revenue transactions. Accounting experts say there are potentially significant changes coming for certain industries, and some level of change for almost all entities. This article explains what financial managers should be concerned about and what kind of impact these rules will have on industry accounting standards.

Type:

Articles

Topics:

Finance and Accounting, Revenue Accounting

Industries:

Accounting

Available Tools:

APQC Process Classification Framework (PCF)

Assessments

Revenue Recognition: New Rules Will Mean Major Changes

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