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FASB, IASB Work Out Guidance on Gross vs. Net

Tammy Whitehouse | June 24, 2015

The Financial Accounting Standards Board and the International Accounting Standards Board have reached some tentative decisions about how they will address questions in the new revenue recognition standard around when to report revenue on a gross versus net basis.

FASB and IASB met recently to hammer out how they will respond to questions and agreed on an approach that is expected to result in similar changes to both U.S. GAAP and International Financial Reporting Standards. The boards are moving forward in different ways in terms of how they will amend their respective guidance, but FASB says the amendments to each set of rules will be similar.

FASB and IASB are looking for a way to address uncertainty that...

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