In 2014, the FASB and IASB issued their converged standard on revenue recognition, which replaces much of the prescriptive and often industry-specific or transaction-specific guidance included in today’s accounting literature. Subsequent to issuance, a number of implementation issues were identified and discussed by the Revenue Recognition Transition Resource Group, a joint working group established by the boards. Some of these discussions led to the boards making amendments to the standard, its related implementation guidance, and basis for conclusions. The resulting changes to US GAAP and IFRS are not identical. We have updated the Revenue from contracts with customers, global edition guide to reflect these developments, as well as for our additional insights on applying the new standard.
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Do the SEC's updates to revenue recognition interpretations and accounting for vaccine stockpile programs impact you?
As the effective date approaches, questions have arisen about how the new revenue standard impacts SEC reporting and disclosure.