New working drafts issued by the AICPA Financial Reporting Executive Committee address issues related to implementation of FASB’s new revenue recognition standard.
FASB’s efforts to clarify its new revenue recognition standard continued when the board proposed technical corrections and changes to the standard.
The AICPA Financial Reporting Executive Committee (FinREC) has issued two new working drafts related to implementation issues for telecommunications entities regarding the new revenue recognition standard.
Companies are figuring out how to adapt.
The AICPA Financial Reporting Executive Committee has issued working drafts addressing accounting issues related to the implementation of the new revenue recognition standard in nine industries.
The board also proposed still more changes to the standard.
The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP’s Eric Knachel, CPA.
Separate updates are designed to assist in implementation.
Clarifications on guidance for contract costs, and preproduction costs related to long-term supply arrangements are included in the proposal.
FASB issued a third round of clarifications to its revenue recognition standard on Monday, focusing on narrow-scope changes and practical expedients.
Financial statement preparers should make sure their judgments on revenue recognition are well-reasoned as they implement new accounting standards, SEC Deputy Chief Accountant Wesley Bricker said Thursday.
FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.
An accounting rule could dramatically reduce a company’s revenue in periods after an acquisition.
This column lists the five basics you need to know about the standard.
FASB issued an Accounting Standards Update that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent.
The boards reached agreement on principal vs. agent guidance.
FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.
Despite a delay in required implementation of the new standard, organizations need to get to work now analyzing its effects and evaluating tax methods.
Corporate financial statement preparers are moving slowly in implementation of new accounting standards for revenue recognition and leases, a new survey shows.
FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.