Thomson Reuters has released a special report providing guidance on the latest revenue recognition standards for revenues arising from contracts with customers. The report, An Overview of the Revised Accounting Model for Revenue Recognition, provides preparers and users of financial statements with an overview of the new model and its effects on companies.
In recent years, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have identified weaknesses and areas for improvement in accounting for revenue under both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The FASB issued a new standard — Accounting Standards Update (ASU) 2014-09 (Topic 606) — in May 2014 to standardize revenue recognition accounting principles worldwide. The FASB subsequently issued clarifying standards providing further guidance on areas such as licenses or the principal versus agent analysis.
“As they work on implementing the new standard for revenue recognition, companies must develop an in-depth understanding of the model in order to navigate its complexities,” said Anne-Lise Vivier, accounting publications managing editor at Thomson Reuters. “This report provides helpful guidance so companies can assess the immediate impact of the new standards and determine the steps they must take to remain compliant.”
Topics addressed in the report include:
The free report is available at tax.thomsonreuters.com/Checkpoint-Catalyst-US-GAAP/revenue-recognition-accounting-model.
Thomson Reuters offers additional resources to help users stay informed on developments around revenue recognition:
Thomson Reuters Checkpoint Catalyst: US GAAP examines specific accounting issues from a practical and workflow perspective, focusing on areas such as revenue recognition and the classification and measurement of financial instruments.
Thomson Reuters Checkpoint Learning webinar Revenue from Contracts with Customers: An Overview of the New Standard provides an overview of the latest guidance with a focus on provisions likely to result in substantive changes to companies.
Thomson Reuters Checkpoint integrates research, editorial insight, productivity tools, online learning and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.
Platform to Engage Growing Global Community of Women in Risk, Regulation and Compliance. The Risky Women® network has unveiled the launch of ...View article
Thomson Reuters Checkpoint Catalyst has released a Topic on the U.S. federal transfer pricing rules to help multinational corporations and their advis...View article
Thomson Reuters today announced it is collaborating with Salesforce to help clients quickly and efficiently on-board new customers and meet regul...View article