Revenue recognition

One of the most far-reaching standards to come out of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) collaboration should be published in the next few weeks. The Revenue Recognition standard aims to unify recognition and measurement of the top line of the profit or loss account across the world and across industry sectors. It will likely have a compulsory implementation date of January 2015, but company accountants and auditors will want to take a close look at it much sooner to check if it has implications for their financial reporting and systems.