In May 2014, the IASB and FASB published their new joint standard on revenue recognition. This replaces most of the detailed guidance on revenue recognition that currently exists under U.S. GAAP and IFRS. KPMG has identified a set of core issues that will be relevant to many businesses - and some simple steps you can take now to inform your decision about transitioning to the new standard. While the January 2017 effective date may seem a long way off, deciding on a transition plan needs to occur soon. There are many considerations as you prepare to implement the new revenue recognition standard. The standard offers a range of transition options, including applying the new standard to historical transactions - and retrospectively adjusting each comparative period presented in 2017 financial statements, or recognizing the cumulative effect of applying the standard at the date of initial application and not adjusting comparative information.