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VIEWpoint Issue 1 | 2023
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Following some delays this fall, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are moving forward with a global accounting standard for how all businesses record revenues. With an expected publish date in early 2014 and a 2017 effective date, businesses will have more time than originally expected to adopt the revenue recognition standard. This change in how revenue is recognized will affect accounting for virtually all businesses, including construction accounting, energy accounting and manufacturing accounting. The auditors at Doeren Mayhew offers the following information.
In June 2010, FASB and IASB proposed several new accounting standards in line with the goal of converging U.S. and international accounting rules. The boards believe that U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) can be improved by developing one global standard on revenue recognition.
U.S. GAAP comprises broad revenue recognition concepts and numerous requirements for particular industries or transactions, which can result in different treatment of economically similar transactions. IFRS has fewer requirements on revenue recognition, but can be difficult to understand and apply.
2014 Changes in revenue recognition standards are designed to:
For more information on the changes and how to prepare for 2014 global accounting standards, download our e-paper, “Revenue From Contracts With Customers: Understanding Proposed ASU No. 2011-230,” and contact our auditors in Michigan, Houston or Ft. Lauderdale.
Doeren Mayhew CPAs and advisors is a certified public accounting firm serving businesses nationwide from offices in Michigan, Houston and Ft. Lauderdale. Our award-winning CPAs and investment bankers provide comprehensive accounting and consulting services, specializing in domestic and international tax planning, construction accounting, manufacturing accounting, mergers and acquisitions, lawsuits and litigation support, business valuations and more. Combining a deeply rooted history with a progressive mindset, the firm offers insight into the business, oversight to ensure best practices and foresight for what’s ahead. Visit www.doeren.com for more information.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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