FASB Releases PIR Report on Revenue Standard

The FASB has released a postimplementation review (PIR) report on its standard on revenue from contracts with customers (codified as ASC 606). The PIR process “is an important quality control mechanism that allows the FASB to support high-quality application of the revenue standard and evaluate whether it is achieving its objective by providing investors and other financial statement users with relevant information in ways that justify the cost of providing it.”

For more information, see the press release on the FASB’s Web site.