Tag Archive | Topic 606

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 […]

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Webinar on 9/8: Revenue Recognition Updates for Manufacturers

While the new standard 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 manufacturing industry. During this webinar, we will discuss the latest information about the new revenue recognition guidance. We will also go over how the new […]

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Hot Topics in Accounting and Financial Reporting This Quarter

The second quarter of 2015 saw several narrow scope improvements and proposed changes to accounting standards. From simplifying fair value hierarchy classification types of instruments to hosting arrangements and consolidation accounting, the recently announced proposal and accounting changes tended to be small in scale. The issuance and implementation of larger projects remains on the horizon. […]

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Proposed Changes Will Clarify New Revenue Recognition Guidance

Changes keep coming to revenue recognition accounting. The Financial Accounting Standards Board (FASB) recently proposed amendments to ASU 2014-09 Revenue from Contracts with Customers (Topic 606) that would clarify how to identify performance obligations and account for licenses for intellectual property in the new standard. ASU 2014-09 requires entities to use a five-step approach to […]

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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 […]

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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 […]

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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 […]

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