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After years of debate, the Financial Accounting Standards Board (FASB) has issued final new guidelines on revenue recognition. The rules, which total 700 pages and represent a fundamentally new model for recognizing revenue, become effective in 2017 for nearly all public companies and the following year for nonpublic
Revenue is one of the most important measures used by investors in assessing a company's performance and prospects. However, previous revenue recognition guidance differs in Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)—and many believe both standards
May 28, 2014 Norwalk, CT, May 28, 2014—The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for U.S. Generally Accepted Accounting Principles (U.S. GAAP), today issued jointly a
Under U.S. GAAP, FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, indicates that revenue is recognized when it is realized or realizable and earned. However, beyond those broad guidelines, a single, comprehensive revenue recognition standard does not
The FASB and IASB issued their converged standard on revenue recognition in May 2014. . During the FASB's Financial Accounting Standards Advisory Council meeting, an SEC staff member indicated that the SEC will not object if companies that retrospectively adopt the revenue standard only recast the same years as

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March 2018