Revenue Recognition • Most significant update in 2018 • Eligible for testing as early as January 1, 2018 • Update is a response to changes in our economy: • FASB changing the guidelines by which a company recognizes its revenue • Shift from mainly producing tangible goods and providing services under simple arrangements to providing more intangible goods and providing services under complex arrangements • Streamlines the process of determining when revenue should be recognized, and brings US GAAP into closer alignment with international accounting standards • Eliminates most industry-specific factors, making comparisons between companies in different industries more meaningful
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