The Revenue Recognition project has been going on now for, what, nearly a decade?  After extensive deliberations and outreach by the Boards, we might actually see a final standard roll out sometime this year.  Given the fundamental nature of the topic, it is likely to have a substantial impact on how most of us teach. 

The FASB staff has created a powerpoint file (here) that summarizes where the current Exposure Draft will have the greatest impact on practice.  Attendees at our latest roundtable on revenue recognition got a sneak peak of a draft copy, but a final version is now ready for public consumption.  If you have not stayed on top of the changes on this important topic, I encourage you to take a look at the file.  Also, a link to the recording of the Roundtable is available at the original blog post that announces the roundtable.