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Most businesses, regardless of their size, utilize policies and procedures as part of their organizational structure. The larger the organization, the more important policies and procedures (or P&Ps) tend to be. However, even small firms can benefit by creating well-defined P&Ps, communicating them throughout the organization, and taking steps to...

In 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the creation of a new principles-based revenue recognition model. This new revenue recognition standard, which is referred to as Accounting Standards Update (ASU) 2014-09, will replace the current industry-specific GAAP rules with a single...