|Understanding the New Revenue Recognition Standard|
The highly anticipated converged revenue recognition standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle-based approach for determining revenue recognition. This standard has the potential to affect every company’s day-to-day accounting and, possibly, the way business is executed through contracts with customers. Although subject to delay, the release date of the new standard by the FASB and IASB is expected towards the end of the first quarter of 2014.
The prospect of preparing for a historic, game-changing revenue recognition standard can be daunting for any company. This webcast provides an overview of the new revenue recognition standard and will discuss how to prepare for the transition to the converged standard. This webcast will also outline current and planned AICPA resources to help companies transition to the new standard as it has the potential to reverberate through company processes and systems in significant ways.