New Revenue Recognition Rule | Intermediate Accounting | CPA Exam FAR | Chapter 18

This page covers new revenue recognition standard, percentage of completion method, completed contract method, and other topics covered in intermediate accounting and CPA exam.

Financial Accounting and Reporting (FAR) section of the CPA exam

This page covers new revenues recognition, percentage of completion method, completed contract method that’s are covered in intermediate accounting and CPA exam.

The new revenue recognition standard eliminates the transaction- and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle- based approach for determining revenue recognition.