Posted by Kari Hulac on Thursday, June 19, 2014 - 00:00
In the United States, according to a new Protiviti report about the standards, by 2017, "The new guidance will replace most of the industry-specific generally accepted accounting principles (GAAP) requirements that have become complex and cumbersome to apply." Internationally, the standards will update the international financial reporting standards (IFRS) for revenue recognition.
Protiviti has been flooded with questions about the new rules so Managing Director Jim DeLoach (pictured) on Tuesday posted this blog article to explain why the change is such big news. The article explores how businesses can sort through what the changes mean to their operations.
For more information about understanding the new standards, read this post on our Robert Half Finance and Accounting Blog.