FinREC expects the overall impact to industry accounting will be moderate.
The latest drafts are among several released by FinREC during the past year as the committee as it works to guide entities in their implementation of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.