The Financial Accounting Standards Board and the International Accounting Standards Board officially announced the formation Tuesday of a Joint Transition Resource Group for Revenue Recognition.

FASB and the IASB released their long-awaited converged standard on revenue recognition last week (see FASB and IASB Issue Revenue Recognition Standard). They had announced their intention last year to form a transition resource group to help companies and accountants adjust to the new standards, which take effect in 2017 for public companies and 2018 for private companies (see FASB and IASB to Form Revenue Recognition Transition Group).

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