In May 2014, the FASB and IASB issued their converged standard on revenue from contracts with customers (ASU 2014-09 and IFRS 15). Our new accounting and financial reporting guide for Revenue from contracts with customers - 2014 global edition begins with a summary of the new five-step revenue recognition model. The ensuing chapters further discuss each step of the model, highlighting key aspects of the standard and providing examples to illustrate application of the guidance. Relevant references to and excerpts from both the FASB and IASB standards are interspersed throughout the guide. The guide also discusses the new disclosure requirements and the effective date and transition provisions.