FASB proposes new restricted cash guidelines
May 9, 2016
FASB contract guidelines paramount for top line
The FASB has clarified who provides the goods and who facilitates the customer in contractual agreements in a move that will change how firms track revenue that will impact their top lines.
The Financial Accounting Standards Board (FASB) has issued guidelines on revenue from contracts with customers, clarifying who is the principal and who is the agent, as part of an accounting standards update. The new definition could be critical for how CFOs track their revenue, particularly for companies considering IPOs. The revised differentiation will start in 2018.
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