A new revenue recognition standard has been issued by the Financial Accounting Standards Board (FASB). Developed in collaboration with the International Accounting Standards Board (IASB), the standard’s objective is to achieve one comprehensive, principles-based revenue recognition model that replaces the myriad existing industry-specific guidance.

The transition process for implementing the new revenue recognition standard issued requires careful attention by management and stakeholders. In this issue, we discuss important topics relating to the FASB’s new revenue recognition standard, including the latest implementation timetable, accounting and reporting changes, industry implications, an approach for getting started, and a transition road map.