New revenue recognition standard and impact on investment managers
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In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers as part of its convergence efforts with IFRS. The standard is planned to be effective in 2019 for private companies (2018 for public companies). Core Principal: “Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services”.
