Sweeping changes are coming to how companies worldwide recognize revenue in their financial statements–and thus, potentially, to how investors and others should analyze them. On May 28, the Financial Accounting Standards Board and the International Accounting Standards Board jointly released new converged standards governing companies’ revenue recognition from contracts with customers. Upon the release of the new standards, the boards declared victory, saying that the new standards will provide “…enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards and U.S. generally accepted accounting principles.” Companies are just beginning the extraordinary, multiyear implementation effort. The scope of the changes and the impact to companies’ processes, controls, and systems has been widely documented. But what benefits will the new standards provide to investors and what obstacles might they pose to analysis?