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.
Do you use bill and hold with your customers? The new revenue standard makes some changes to the guidance. Watch PwC's Michele Marino as she describes bill and hold transactions, the impact of the new revenue standard (ASC 606), and criteria that must be met.