The FASB and IASB have issued their long-awaited converged standard on revenue recognition. How will you be affected? This industry-specific supplement to our In depth publication highlights some of the areas that could create the most significant challenges for Pharmaceutical & Life Sciences companies as they transition to the new revenue standard.
The FASB and IASB issued their long-awaited converged standard on revenue recognition on May 28, 2014. Almost all entities will be affected to some extent by the significant increase in required disclosures. But the changes extend beyond disclosures, and the effect on entities will vary depending on industry and current accounting practices.
This industry-specific supplement to our In depth publication highlights some of the more significant impacts to entities within the pharmaceutical and life sciences industry.
For a comprehensive analysis of the new standard, read In depth: Revenue standard is final – A comprehensive look at the new model