In May 2014, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. As you likely know, this is a broad, principles-based standard for recognizing revenue from contracts that will supersede numerous revenue recognition requirements for particular industries or transactions. In addition, this standard generally converges revenue recognition standards for accounting principles generally accepted in the United States (GAAP) with International Financial Reporting Standards (IFRS).
Since the revenue recognition standard was finalized, the FASB has issued some additional standards (ASU Nos. 2016-08, 2016-10, and 2016-12) that clarify certain concepts.
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