We are pleased to provide you with the 2014 edition of KPMG’s Focus on Financial Reporting.
This year witnessed one of the most significant changes to financial reporting in a generation with the FASB and the IASB releasing a converged standard on recognizing revenue in contracts with customers. While the culmination of the efforts of the two Boards to reach consensus on this project resulted in a converged standard for Revenue Recognition, the year saw the Boards struggle to reach converged solutions for other key projects. The IASB released the final version of its long-awaited financial instruments standard this year, abandoning attempts to reach consensus on some key issues with the FASB.
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