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This memorandum provides an overview of the new model for revenue recognition exposed in Proposed Accounting Standards Update (ASU) No. 2011-230, Revenue Recognition (Topic 605): Revenue from Contracts with Customers, Revision of Exposure Draft Issued June 24, 2010.
During 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
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