If you’re still not quite up to speed on the critical changes that are in store for revenue recognition accounting, the staff of the Financial Accounting Standards Board has made it a little easier to catch up.
FASB will be collecting comments for a few more weeks on its latest proposal to overhaul the accounting for revenue recognition. The staff published a 52-page document in slide-presentation format to explain the proposal and to compare it with current rules so readers can get a better grasp on the changes that are ahead. Given how critical revenue recognition is to any company’s financial statements and how extensive the proposed changes are, FASB is taking extra measures to be sure preparers are aware of what’s ahead, have considered the implications, and can provide feedback that will be helpful in finalizing the rule.
