On May 28, 2014, after years of planning, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued joint revenue recognition standards, ASU 2014-09 (Topic 606) and IFRS 15. Through the project the boards sought to “flatten” the revenue recognition standard, alongside an overall improvement in cross-border financial reporting and analysis. This paper cross examines both current and future standards under U.S. GAAP, and discusses key areas of the new standard that will dramatically impact the financial reporting and operations sectors of organizations.