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FASB makes "minor, minor, minor" changes to revenue recognition

Tammy Whitehouse | December 22, 2016

More than two years after publishing the original revenue recognition standard and a year before it takes effect, the Financial Accounting Standards Board has issued the last batch of intended changes to clarify or correct various points raised in the new accounting requirements.

FASB issued Accounting Standards Update No. 2016-20 to make a series of minor technical corrections to the original revenue recognition standard, issued in May 2014 to provide a new five-step method for all companies to follow in determining the amounts and timing for recognizing revenue in financial statements. The 13 specific corrections in the...

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