Revenue Recognition Standards Update
In June 2012, we shared an article on the proposed revenue recognition standards. At a meeting on March 20, 2013, the FASB Board continued their review of the 2011 exposure draft and deliberated certain issues. FASB then tentatively accepted the 2011 exposure draft with some minor modifications. The final standards are expected to be issued in the second quarter of 2013, and will become effective for periods beginning after December 31, 2016 for public entities and December 31, 2017 for private entities. We have republished our original article with additional updated information. Read the new version on Revenue Recognition Standards Update.