Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.
The report, An Overview of the Revised Accounting Model for Revenue Recognition, provides insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms. It offers an overview of the accounting standards update, examining its objectives and scope. It analyzes the update’s recognition and measurement guidelines, contract costs, effective dates, and transition methods, organizing content according to the five-step revenue recognition process set by the standard.
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