FASB Issues Proposed ASU on Revenue Recognition
Published on:
25 Jun 2010
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Yesterday, the FASB and IASB jointly issued an exposure draft (ED), Revenue From Contracts With Customers. The ED, released by the FASB as a proposed Accounting Standards Update (ASU), gives entities a single comprehensive model to use in reporting information about the amount and timing of revenue resulting from contracts to provide goods or services to customers. The proposed ASU, which would apply to any entity that enters into contracts to provide goods or services, would supersede most of the current revenue recognition guidance.
Watch for a Heads Up early next week on the proposed ASU.
