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Tuesday, August 16, 2016

What's Your Exposure to the New Revenue Recognition Standard?


The new revenue recognition GAAP standard is a historic, game-changing requirement that affects all entities —public, private, and not-for-profit — which have contracts with customers (with only a few exceptions).  Replacing virtually all existing revenue recognition requirements, IFRS 15 Revenue from Contracts with Customers, issued in May 2014, together with FASB’s new revenue standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers, creates a single framework.


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