Recommended By: Stephanie McGuire
On November 6, 2013, FASB voted to move forward with a final revenue recognition standard expected to be issued in early 2014. Although many industries viewed the proposed changes as unnecessary, additional guidance is needed to ensure revenue is recognized consistently within each industry.
Learn more about the details by clicking on this link to a Journal of Accountancy article: http://journalofaccountancy.com/News/20139051.htm
Stephanie McGuire Is a Principal in the audit, accounting and consulting department of Ellin & Tucker. She provides audit, accounting and consulting services for numerous defined contribution and defined benefit plans, as well as health and welfare plans, for clients in the manufacturing, wholesale distribution, and not-for-profit industries, both nationally and internationally.