2017 date for revenue recognition provides breathing room

02/25/2013 | JournalofAccountancy.com

The joint revenue recognition standard under development by the Financial Accounting Standards Board and the International Accounting Standards Board will have a significant effect on the financial reporting of a large swath of entities. Because of the magnitude and scope of the changes, the boards tentatively decided to make the standard effective for reporting periods beginning on or after Jan. 1, 2017, a longer than usual ramp-up period.

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