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New Revenue Recognition Guidelines: There's Work to Be Done
Author(s) -
Youell Nigel
Publication year - 2016
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22219
Subject(s) - revenue recognition , revenue , work (physics) , accounting , business , annual report , finance , engineering , accounting information system , financial accounting , mechanical engineering
New guidelines for revenue recognition (issued jointly by the FASB and IASB) are to be applied by public organizations to annual reporting periods beginning after December 15, 2017. Nonpublic organizations have another year after that to begin to apply the new rules. This article examines the new rules and their impacts, and lays out a four‐stage approach for adopting the new guidelines. © 2016 Wiley Periodicals, Inc.