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FASB Proposes Changes to Revenue Standard

Tammy Whitehouse | May 12, 2015

The Financial Accounting Standards Board has issued its proposed revisions to the revenue recognition standard intended to head off the potential for varied interpretation of the standard and to simplify and reduce the cost of compliance in some areas.

FASB’s proposed accounting standards update focuses on identifying performance obligations and accounting for revenue arising from a licensing agreement, issues that arose in FASB’s and the International Accounting Standards Board’s Joint Transition Resource Group as potentially problematic areas of implementation. The FASB and the IASB have already...

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