Heads Up: FASB Issues Revised Exposure Draft on Revenue Recognition
Volume 18, Issue 37
This Heads Up discusses the FASB’s and IASB’s jointly issued revised exposure draft (ED) Revenue From Contracts With Customers. The revised ED, released by the FASB as a proposed Accounting Standards Update (ASU), is the result of months of redeliberations of their June 2010 ED. The proposed ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and would supersede most current revenue recognition guidance.
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