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Technical

Financial Reporting Brief: Roadmap to Understanding the New Revenue Recognition Standards Logo aicpa

  Free |   AICPA |   Jul 2014 |   AICPA.org

This Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606 (revenue recognition standard), to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, and provides reference to applicable examples in the implementation guidance.

Topics covered:
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Foundational
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Intermediate
  • Not-for-profit: Technical: FASB financial accounting & reporting, Foundational
  • Not-for-profit: Technical: FASB financial accounting & reporting, Intermediate

2 Comments/Reflections

Tendai Nyakurimwa

Tendai Nyakurimwa Feb 2016

It is obvious that an organisation has to plan for the adoption of this new standard. I have learnt that there is need to carefully plan a stage by stage schedule or plan such as to set up a taskforce or appoint an individual that will steer the project. This is very important as leaving the project unallocated to any taskforce will be a recipe for failure.

The same goes with understanding the changes brought about by the new standard. In order to implement the project successful, it is important to have a thorough knowledge of the changes.

The article will certainly help me in initiating the process within my organisation and also help other staff members to appreciate what should be done. This should make the job a lot easier since everyone will be aware of our targets and goals.

  

Tendai Nyakurimwa

Tendai Nyakurimwa Feb 2016

It is obvious that an organisation has to plan for the adoption of this new standard. I have learnt that there is need to carefully plan a stage by stage schedule or plan such as to set up a taskforce or appoint an individual that will steer the project. This is very important as leaving the project unallocated to any taskforce will be a recipe for failure.

The same goes with understanding the changes brought about by the new standard. In order to implement the project successful, it is important to have a thorough knowledge of the changes.

The article will certainly help me in initiating the process within my organisation and also help other staff members to appreciate what should be done. This should make the job a lot easier since everyone will be aware of our targets and goals.