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FASB Changes to Revenue Recognition


The Financial Accounting Standards Board (FASB) and the International Accounting Standards Boards (IASB) undertook a convergence project to improve accounting for revenue. In May 2014 the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Since 2014, the FASB has continued to make refinements and modifications to the revenue…