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FASB, IASB Agree on Revenue Recognition Solutions

Tammy Whitehouse | December 22, 2015

Guidance on when to recognize revenue on a net or gross basis is expected to be highly consistent across U.S. and international rules when the Financial Accounting Standards Board and the International Accounting Standards Board issue their final amendments.

FASB and IASB met via videoconference recently to discuss amendments they each proposed to clarify guidance in the new revenue recognition standard meant to help companies sort out when to recognize revenue as the principal party to a contract with a customer and when to regard themselves instead as an agent of someone else in a transaction. That would determine whether they would recognize revenue on a gross or net basis.

“The boards agreed that maintaining...

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