The new revenue recognition standards, jointly issued by the FASB and IASB on May 28, 2014 in ASC 606 Revenue from Contracts with Customers, loom around the fiscal corner – publicly traded companies must begin their compliance with the new rules January 1, 2018, and their privately held counterparts follow in January of 2019. It is most certainly not too early to begin laying the foundation for the transition. While the changes can appear daunting, there are several action steps you can take now to ensure a smoother move.Read More
BTerrell Group Blog
In November 2008, the Securities and Exchange Commission (SEC) issued a proposed roadmap for making the transition from the United States Generally Accepted Accounting Principles (US GAAP) to the International Financial Reporting Standards (IFRS). At the time, the SEC did not have enough information to decide if IFRS should be incorporated for American public companies.