Accounting Today: Preparing for FASB Changes to Revenue Recognition and Lease Accounting

By: Michael Mathieson

Companies should begin to plan now how to incorporate the new standards and update procedures for the Financial Accounting Standards Board’s accounting updates on two significant topics: revenue recognition and lease accounting.

In 2014, FASB and the International Accounting Standards Board issued a converged standard for revenue recognition to increase comparability across industries. The new standard marked a significant change and was meant to reduce complexity and standardize revenue recognition regardless of industry.

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