Are You Ready for the New Revenue Recognition Standard?

We’ve been hearing about the new revenue recognition standard for quite some time. It was way back in September 2002 that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) agreed to work together on a revenue recognition standard intended to clarify the principles for revenue recognition and result in a single, converged standard under U.S. GAAP and IFRS. 

After much deliberation and two exposure drafts, ASU 2014-09, Revenue from Contracts with Customers, was issued in May 2014. Once effective, ASU 2014-09 will become ASC Topic 606, replacing the current ASC Topic 605 in its entirety.