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FASB Finalizes New Revenue Recognition Rules

Tammy Whitehouse | October 9, 2009

Public companies now have new revenue recognition rules to follow when booking sales for complex, multiple-element transactions and those involving software.

The Financial Accounting Standards Board has published two new Accounting Standards Updates that in some cases will give companies the ability to recognize revenue sooner on certain types of complicated transactions. Both new rules were recommended to FASB after being studied and developed by the Board’s Emerging Issues Task Force.

ASU 2009-13 – Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements gives companies more latitude to estimate the selling price of the individual components in a multiple-element sale, such as when a company bundles service or maintenance with the sale of a product. It will enable companies to...

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