The effective date of the new accounting standard for revenue recognition is fast approaching! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. Topics Discussed • Background, purpose, and main provisions of new standard • Transition guidance • 5-step process for recognizing revenue • Disclosure requirements • Implementation guidance – contracts, tax matters, internal controls, IT