The FASB and IASB issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance.
The effective date for the new Revenue standard is quickly approaching! Along with the accounting, you’ll need to think about the required disclosures as well. In this episode, PwC’s Jim Gazley, Roxanne Fattahi and Michelle Dion discuss disclosure requirements, practical expedients, specific examples and more.