NORWALK, Conn.—The Financial Accounting Standards Board April 28 issued an Accounting Standards Update to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions.
FASB issued the guidance as ASU No. 2010-17, Revenue Recognition—Milestone Method (Topic 605), Milestone Method of Revenue Recognition, a consensus of its Emerging Issues Task Force unit.
The ASU is effective for milestones achieved in fiscal years and interim periods within those years beginning on or after June 15, 2010. Early adoption is permitted. If a vendor decides to early ...
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