Revenue Recognition Changes

Financial Institutions

July 01, 2014
by Brett Schwantes, CPA

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Brett Schwantes Brett Schwantes, CPA
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On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued guidance on recognizing revenue from contracts with customers. While current accounting standards include detailed but different revenue recognition standards for different transactions and industries, FASB’s new standard, ASU No. 2014-09, Revenue from Contracts with Customers, establishes broad revenue recognition principles that can be applied consistently to all contracts with customers that fall under the scope of the standard.

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