In May 2014, the FASB and the IASB issued a new revenue recognition standard, ASU 2014-09, Revenue from Contracts with Customers or ASC 606, to provide a single comprehensive accounting model for all revenue arising from customer contracts. The new standard introduces a framework to address recognition issues while removing inconsistencies and creating enhanced disclosures. The new guidance is a move away from the explicit rules-based guidance to a more principles-based approach that may lead to more diversity in practice.
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