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FASB, IASB Staff Call for Changes to Revenue Rules

Tammy Whitehouse | February 17, 2015

Staff members of both the U.S. and international accounting rule makers are recommending the boards re-open their massive joint standard on revenue recognition to clarify specific aspects of the requirements.

The Financial Accounting Standards Board and the International Accounting Standards Board will meet in joint sessions starting on Wednesday to discuss a variety of common projects, not the least of which is implementation concerns that have arisen with the adoption of the new rules on revenue recognition. The rules take effect in 2017, but companies are working now to prepare to adopt them in a way that will provide three years worth of comparative data...

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