Are You Ready for the Proposed Changes to Revenue Recognition?
Description Revenue recognition, like lease accounting, is a priority project that is part of the convergence efforts of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (the “boards"). On June 24, 2010, the boards jointly issued an exposure draft titled Revenue from Contracts with Customers that proposes a new revenue recognition standard which could significantly affect current revenue recognition policies for many companies. When the comment period for this exposure draft ended on October 22, 2010, over 960 comment letters were received and the boards have commenced re-deliberations on certain aspects, making some changes to what was proposed in the exposure draft. This Issue Alert reflects changes made through February 2, 2011. More changes are expected as a result of the re-deliberations to be completed during the second quarter of 2011. A final revenue standard is expected to be issued in the second
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