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January 2016 » The New Revenue Recognition Standard
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James Schmutte, DBA, CPA, and James R. Duncan, PhD, CPA
In BriefAfter a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their CPAs. Businesses should spend the time before the standard becomes effective familiarizing themselves with the guidance and implementing the processes necessary to account for their transactions. This article presents a hypothetical case study which illustrates the issues involved and the considerations necessary to apply the new revenue recognition standard to even seemingly simple transactions for ordinary businesses.
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