United States

FASB, IASB Issue Revenue Recognition Standard

May 28, 2014
From the Financial Reporting View and the IFRS Institute

This edition of Defining Issues reports that today the FASB and IASB issued their joint revenue recognition standard that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers.

For public business entities and certain not-for-profit entities, the standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those years (early adoption prohibited). For all other entities, the standard is effective for fiscal years beginning after December 15, 2017, and interim periods in fiscal years subsequent to that year (early adoption allowed, but not earlier than public business entities).

Companies can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption.

Read FASB, IASB Issue Revenue Recognition Standard

Read KPMG ISG's In the Headlines 14-09