Accounting & Compliance Alert Highlights – FASB, IASB Issue Converged Revenue Recognition Standards

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It took about 10 years and multiple rewrites, but the Financial Accounting Standards Board (“FASB”) FINALLY issued the new revenue recognition standard on Wednesday May 28, 2014. This standard will be applicable to all entities that use the GAAP framework for financial reporting. Because of the expected efforts for certain entities to implement the new standard, private entities will not have to adopt the new standard until calendar year 2018. Below is a link to the press release from the FASB. Stay tuned as we will be keeping you informed on this topic over the coming months!  ASU 2014-09

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Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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