In late 2011,(and again in January 2012) the Financial Accounting Standards Board (“FASB”) took the unusual step of reissuing an Exposure Draft, Revenue from Contracts with Customers. In response to almost 1,000 comment letters received by the FASB, the Board essentially rewrote its original Exposure Draft which was issued in June 2010. The current exposure draft proposes the introduction of a 5-step process in order to meet the revenue recognition threshold.
Read more here: Revenue Recognition
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