The Financial Accounting Standards Board and the International Accounting Standards Board capped off more than a decade of research, consultation, and deliberation with the final publication of a new standard for how all companies must recognize revenue. The standard brings consistency to revenue accounting. “Regulators will have the ability to look across a broad swath of companies and really be able to compare, contrast, and call out companies,” says Joel Osnoss, a partner at Deloitte.
Source: Accounting and Auditing