FASB Flash Report - May 2014

May 2014

Today, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.  The new standard is the culmination of a joint project with the IASB and therefore entities reporting under IFRS will apply a substantially converged model.