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By Kathy Cantor, CPA Americans are living longer in retirement and they will need an income stream during that time. More retirees now rely on defined contributions plans, so the issue of how to guarantee an income stream from these plans needed to be addressed.
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During 2014, the Financial Accounting Standards Board (FASB) issued its long-awaited Accounting Standard Update, ASU 2014-09 Revenue from Contracts with Customers. Most business entities will be affected by the new revenue measurement and recognition rules and increase in disclosures, but the impact will likely vary depending on industry and current accounting practices.
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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