BDO Knows Revenue Recognition

October 2014

On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued comprehensive revenue recognition standards (the “Standard”) entitled “Revenue from Contracts with Customers” (ASU No. 2014-09 and IFRS 15), with a mandatory effective date in 2017 for public entities and 2018 for private entities.