Worldwide accounting regulatory bodies introduce new standards for counting revenue

The new standards introduced by the two bodies offer different rules across industries and countries

Do you know how your company counts revenue? Even if the answer is yes, it may be time to relearn, as two of the world’s foremost accounting regulatory bodies have adjusted revenue accounting rules for 2017 and beyond.

Through new rules, set to take effect on Jan. 1, 2017, most companies will be affected due to a variety of changes specific to various industries and countries. In many industries, companies will be able to recognize revenue earlier, thus being able to report profit sooner than previously possible.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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