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10 Things You Should Know About the New Revenue Standard

Scott Taub | July 22, 2014

At long last, we finally have a new accounting standard on revenue recognition.

It’s comprehensive, converged, and principles-based. This standard has been a long time coming, and it might well be the most significant improvement in global financial reporting we’ve seen or will see in a long time. There has already been much written about this standard, and there will be plenty more said—some, no doubt, by me—in the next two-and-a-half years until public companies start adopting it. But for now, here are 10 things you should know about the new standard.

1.  It’s not as long as it looks.

This is the longest standard FASB has ever...

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