The Financial Accounting Standards Board (FASB) has redefined revenue recognition as "the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services."FASB ASU No. 2014-09.

Briefly describe how IFRS guidelines for recognizing revenue differ from U.S. GAAP guidelines. Then, select a U.S. publicly traded company, locate the most recent annual report, and discuss how the company measures and reports revenue.