revenue
The Financial Accounting Standards Board (FASB) recently issued guidance that standardizes when and how every type of company must recognize revenue.
The guidance, found in Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, supersedes existing revenue recognition rules and makes significant changes to the rules for accounting for real estate sales.
Because the new ASU focuses primarily on when the transfer of control of property occurs, revenue will likely be recognized sooner than it has been under the existing guidance.
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