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FASB Proposes Revisions to Revenue Recognition Standard

from AccountingWEB

The Financial Accounting Standards Board issued an exposure draft Sept. 30 that outlines changes that are being proposed to certain areas of its revenue recognition standard, which will go into effect starting in 2018. The areas of the standard that the FASB is hoping to improve include collectibility, sales or other taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. more

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