Changes in Revenue Footnote Disclosures

RotenBerg Meril NJ NY accountant

More than 18 months ago, the Financial Accounting Standards Board and the International Accounting Standards Board issued a new converged accounting standard relating to revenue from contracts with customers. This new converged accounting standard was designed to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers and assets recognized from the costs to obtain or fulfill a contract.

 

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