What we keep referring to as the new revenue recognition standard isn’t so “new” anymore, as the guidance was issued in 2014. However, considering the many amendments issued in the years following and the delay of the effective date, it is still “new” to many of us. The new revenue recognition guidance is contained in the FASB Codification, Topic 606: Revenue from Contracts with Customers. It supersedes most of the revenue recognition guidance that was in Topic 605 and other sections throughout the Codification.
