FASB and IASB jointly issued the revenue recognition standard in 2014, which is more principles-based than the industry-specific guidance U.S. preparers are accustomed to. The jointly issued standard was intended to promote comparability across jurisdictions and industries. The standard is scheduled to take effect for reporting periods beginning after Dec. 15, 2016, for U.S. public companies, or reporting periods beginning on or after Jan. 1, 2017, for companies that use IFRS. Because of implementation problems for some financial statement preparers, FASB and IASB agreed to provide further implementation guidelines.

For further details, read the article in Journal of Accountancy http://www.journalofaccountancy.com/news/2015/feb/revenue-recognition-clarifications-201511839.html

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