1. Ciesielski, J. T., & Weirich, T. R. (2015, April). Revenue recognition: How it will impact three key industries. The Journal of Corporate Accounting and Finance, 26(3), 10-31. Doi:10.1002/jcaf.22037 Retrieved September 6, 2016, from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx While it may be difficult to predict the future, apply The logic and certainty of a puzzle can make it seem like you've anticipated what's to come. Be that as it may, in this article the prerequisites of the new standard for income recognition are linked to the facts on the current evidence of income recognition for companies in three sectors: innovation, media communication and human services, in order to anticipate change' his belongings. These three aspects are perhaps the most fascinating in light of the fact that the new standard will likely drive a wider wedge between profit and cash flows, and format earnings reports are normal in these industries. Dalkilic, A. (2014, December). THE REAL STEP IN THE CONVERGENCE PROJECT: a paradigm shift from revenue recognition to revenues deriving from contracts with customers. International Journal of Contemporary Economics and Administrative Sciences, 4(3/4), 67-84. Retrieved September 8, 2016, from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx Journal explains the launch of the International Accounting Standards Board (IASB) and of the Financial Accounting Standards Board (FASB) syndicate can be traced back to the Norfolk Agreement of 2002, in which the two governing bodies agreed to create a surprisingly "perfect" guideline. In accordance with this union task, the FASB and IASB have worked for over 10 years to construct... half of the document... nal, 14-22. Retrieved September 7, 2016, from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspxThis journal details how, after a period of significant reflection, draft introductions, letters of constituent observations, resolutions and delays, the FASB has developed another way to handle income recognition. It also explains how the standard will require organizations of many specific businesses and those with specific trades to substantially change their procedures, structures and controls to comply with the new accounting. And all organizations are likely to face the need for comparative change. This article describes the difficulties that even "ordinary" organizations can face when running the standard for representing average business exchanges and assertions, showing a speculative case that includes the controller of an assembly organization.