FASB clears key hurdle in revenue-recognition project

11/7/2013 | Journal of Accountancy online

A new, globally converged standard on revenue recognition is close to reality after the Financial Accounting Standards Board voted Wednesday to instruct the board's staff to prepare a ballot draft for final approval. The International Accounting Standards Board is expected to hold a similar vote later this month. If approved, the standard is expected to be issued during the first quarter of 2014.

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