New Rules Proposed for Revenue Recognition

The Financial Accounting Standards Board and the International Accounting Standards Board responded Monday to calls by the AICPA and othersĀ for changes to a 2010 proposed joint standard on revenue recognition. The new proposal contains a number of changes from the previous plan, including added guidance on how to determine when a good or service is transferred over time and simplified proposals on warranties.

http://www.journalofaccountancy.com/Web/20114803.htm