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Bloomberg BNA’s new guide, “Navigating the New Road to Revenue Recognition,” provides a detailed explanation of the new standard on revenue recognition that the Financial Accounting Standards Board and the International Accounting Standards Board recently released, reported Accounting Today.

“It is clear that the standard will have wide-ranging implications for both corporations and the larger accounting profession, requiring significant analysis and implementation,” Lisa M. Starczewski told the publication. Starczewski, senior tax counsel at Buchanan Ingersoll & Rooney and the report author, is a special consultant to Bloomberg BNA.

Starczewski added that “[b]ecause the new standard is contract-based and will potentially have significant impacts on corporate revenue, it will also be essential for corporate and tax attorneys to have a deep understanding of the new principles and their impact. This special report can serve as a strong starting point for developing that insight.”

Read the full article in Accounting Today here.