M. L. E.Tax Executive
The proposed changes would affect only narrow portions of the revenue recognition guidance that arose through questions to the transition resource group created by FASB and the International Accounting Standards Board (IASB) in an effort to aid implementation of the new, converged standard. FASB and ...
Revenue recognition:Revenue recognition is a widely accepted accounting standard (GAAP) that specifies when and where revenue should be recorded. The ASC 606 accounting standard establishes a consistent framework for reporting revenue from client contracts....
In response to feedback from financial statement preparers and others, FASB has been considering clarifying changes to its revenue recognition standard, which wasissuedin May 2014. The standard was designed to replace industry-specific guidance with a principles-based approach that would promote compara...
The article reports on a new revenue standard introduced by the Financial Accounting Standards Board (FABS) and International Accounting Standards Board (IASB) in May 2014 that will replace most of the current guidance on revenue recognition in the U.S. The standard offers guidance on an entity'...
605 - Revenue recognition 606 - Revenue from contracts with customers 610 - Other income Expenses 705 - Costs of sales and services 710 - Compensation - general 712 - Compensation - Nonretirement postemployment benefits (FAS 112) 715 - Compensation - Retirement benefits (FAS 87;88;106;112;132...
“Please be advised that additional planning and consulting related to assessing the implications of the Company’s adoption of the new revenue recognition standard pursuant to FASB ASC Topic 606, and the Company’s adoption of FASB ASC Topic 842,Leases ...
(见FASB o f the F i n ancialA ccounti n g Foundation:ProposalPrinc i p l e s,based approach to U.S Standard Setti n g/Pri n ciples deve loped usi n g the Conceptual Fra m e w or k0p.6,October21,2002因此,我们预期FASB会在不远的将来进一步修订其概念框架。三、几点建议第一,...
Revenue Recognition for Retailers: An Accounting Standard Overhaul that Could Impact Profits by Millions FASB and IASB recently decided current revenue recognition practices were in dire need of an update and released a converged standard on revenue recognition under ASU 606 and IFRS 15. The new stan...
cross-referencing was necessary given that the revenue proposals were merely scoping out collaboration arrangements in which a customer relationship is not established. The staff did note, however, that they would consider the interaction of the revenue proposals with the joint arrangement standard ...