Tag Archive | contracts with customers

Webinar on 10/13: Revenue Recognition Update for the Technology Industry

While the new standards for revenue recognition will require significant changes in internal accounting practices for any industry with contract revenue, this webinar will specifically address the impact to the technology industry. During this webinar, we will discuss the latest information about the new revenue recognition guidance. We will also go over how the new […]

Rate this:

FASB Releases Exposure Draft Delaying Revenue Recognition

Stakeholders can weigh in on whether the Financial Accounting Standards Board (FASB) should delay the changes to revenue recognition. The FASB recently released an exposure draft that, if approved, would move the effective date of Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) back by one year. ASU 2014-09 Revenue from Contracts […]

Rate this:

Proposed Delay in Revenue Recognition Implementation

On April 1, the FASB proposed pushing back the effective date of the new revenue recognition standard by one year. The expected adoption of the proposal will cause Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers to be effective for annual reporting periods and interim reporting periods within annual periods beginning after […]

Rate this:

Learn More About Revenue Recognition Step 2: Identify the Performance Obligations in the Contract

In our previous issue of this serial we discussed how to identify a contract with a customer. Once it has been determined that a contract with a customer is within the scope of Topic 606, the next step is to identify the performance obligations in the contract. In Step 2, the goods or services that […]

Rate this:

Learn More About the Intricacies of Revenue Recognition Step 1: Identifying Contract(s) with Customers

In this issue of our Revenue Recognition Serial we further explore the intricacies of Step 1: Identifying the contract(s) with a customer. Normally, a business knows who its customers are and can identify its contracts, however, the specific requirements of Topic 606 contain some challenges that will require judgment and documentation around these conclusions. The […]

Rate this:

Revenue Recognition Serial – Part 1: Introduction of the 5-Step Process

Due to the breadth and complexity of the new revenue recognition standard and the need for entities to evaluate its impact on financial reporting, contracts and systems in preparation for implementing this standard, Mayer Hoffman McCann’s Professional Standards Group has created a Revenue Recognition Serial to provide information about the requirements of the standard and other considerations […]

Rate this: