January 28, 2015/Accounting and Auditing
FASB 2014 Year in Review
During 2014 the Financial Accounting Standards Board (FASB) made progress on several major, long-term projects, while also issuing guidance to resolve known practice issues. The most notable achievement during the year was the issuance of a substantially converged revenue recognition standard by the FASB and the International Accounting Standards Board (IASB) that is scheduled to take effect in 2017. The Boards continued to work together on the joint leasing project, but took different directions on classification & measurement and impairment of financial instruments. The FASB plans to complete those projects in 2015.
June 28, 2014/Accounting and Auditing
FAQ: Revenue Recognition Standard
In 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.