The new standard on revenue recognition was the product of a long joint development effort by the Financial Accounting Standards Board and the International Accounting Standards Board. The standard is principles-based and provides a sound model and objective. Differences between the versions issued by the two boards are largely inconsequential. After working with the new standard and serving on the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG), my initial support for the standard has only grown stronger.
