- NY Credits : 3.0
- TX Credits : 3.0
Paul Munter discusses the original guidance issued by the FASB in 2014 on revenue recognition, as well as the updates in 2016. Additional issues considered by the FASB related to revenue recognition included principal versus agent and functional versus symbolic intellectual property. Several other items considered in 2016 resulted in multiple updates to the 2014 guidance.
Upon completion of this chapter, the user should be able to:
define the current revenue recognition model,
identify the steps in the new revenue recognition model,
identify where changes were made to the initial guidance on revenue recognition and their impacts, and
evaluate whether an entity qualifies as a public business entity.