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Companies Fall Behind on Preparing for Revenue Recognition Rules

Tammy Whitehouse | November 18, 2014

Only weeks away from the ideal “go live” date for companies to implement a massive new rule on how to recognize revenue, accounting experts in the field say few are prepared to meet that target date.

The Financial Accounting Standards Board has said it is contemplating deferring the effective date for Accounting Standards Update No. 2014-09, which maps out an entirely new process that companies will be required to follow to determine when and in what amounts to recognize revenue. FASB Vice-Chairman James Kroeker says the board is performing field visits to assess readiness and any difficulties companies may be encountering. For public companies, which will be required to present three years worth of results in financial statements, the new rule takes effect for interim and annual periods beginning after Dec. 15, 2016.

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