Thursday May 29, 2014
The FASB and IASB have issued new revenue recognition standards. Hmm, I feel Spiceland 8e coming as a result.
Observations
Of perhaps greater import than the Ref Rec standard, notice in this release there is no longer any talk abou tconverging the two groups. I have specualted the SEC will not give up rule makinhg authority and this is just more evidence of that.
The one constant in financial accounting is CHANGE. The rule making authorities are always changing the rules. I have never seen a memo saying ,
We looked at the rules and decided that all those befrore us did a great job and therefore we are leaving well enough alone, hoping that eveyrone can learn things as they are before attempting furhter changes.
At any rate these FEI updates will be a handy way to update this blog!
Here is the AICPA link to Revenue Recognition Resources.
Professor Elam 
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