New FASB, IASB Revenue Recognition Rules Could Have Significant U.S. Tax Implications

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By Annette Smith, Christine Turgeon, George Manousos, Jennifer Kennedy, Dennis Tingey, and Ross Margelefsky, all of PricewaterhouseCoopers LLP.: The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) on May 28 published their long-awaited joint revenue recognition standard titled “Revenue from Contracts with Customers” (Topic 606 and IFRS 15).