On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a long-awaited new standard that will affect how some entities measure and report revenue in their financial statements. The final standard applies to all entities that follow U.S. generally accepted accounting principles (GAAP), including public, private, and not-for-profit entities and employee benefit plans.
During our 5-minute podcast, Plante Moran Partners Dave Grubb and Christa LaBrosse discuss the origin of the new rules and how those rules will potentially affect organizations. Although public and private companies
aren’t required to use the new guidance until 2017 and 2018, respectively, it’s important to begin planning for the changes now to avoid surprises later on.
Check out our podcast at engagepodcast.plantemoran.com.