The FASB and IASB's converged standard on revenue recognition is a historic change that establishes a global model for virtually all industries in U.S. GAAP, including those that previously followed industry specific guidance. Even though effective dates for the standard are not until 2017, the work toward proper implementation needs to begin now. As such, gaining an understanding of when you will be impacted is critically important, as is having an understanding of the core concepts.
Below you will find an introduction to the new revenue recognition standard from Michael Piessens, Lead Partner for MFA’s Technical Accounting Advisory Practice. To access a comprehensive guide that outlines the new five-step revenue recognition model in detail, click here.