Intel 2014 Annual Report Download - page 67

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INTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 3: Recent Accounting Standards
In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue
recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally
accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of
promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for
those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and
uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the
first quarter of 2017; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior
reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial
application. We have not yet selected a transition method nor have we determined the impact of the new standard on our
consolidated financial statements.
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