FASB/IASB release views on revenue recognition.

The Financial Accounting Standards Board and the International Accounting Standards Board have released a discussion paper on their preliminary views on revenue recognition. The boards are developing a single, contract-based revenue recognition model to improve financial reporting by providing clearer guidance on when an entity should recognize revenue, and reducing the number of standards to which entities have to refer. Adoption in its current form (or something close to it) will result in a significant change in revenue recognition for companies that recognize revenue from:

* Construction or long-term contracts.

* Agricultural activities.

* Software sales.

* Multiple element arrangements.

The AICPA is looking for volunteers to provide feedback to be included in a response letter on how the proposed...