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
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.