The Financial Accounting Standards Board (FASB) has redefined revenue recognition as “the transfer of promised goods or services A customers in an amount that reflects the consideration A which the entity expects to be entitled in exchange for those goods or services.” FASB ASU No. 2014-09.
Briefly describe how IFRS guidelines for recognizing revenue differ from U.S. GAAP guidelines. Then, select a U.S. publicly traded company, locate the most recent annual report, and discuss how the company measures and reports revenue. You should select a company that has not been selected by a peer.