Revenue Recognition Implementation: Getting Into the Details
By: Craig Hunter , Partner In our last newsletter, we discussed the highlights of the new revenue recognition standard and what everyone should begin to expect. In this article and future articles, we want to go into more detail about the specific requirements of the standard. As mentioned in the previous edition, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606. The new standard creates a whole new codification topic (ASC 606), and introduces in a new era of revenue recognition by replacing hundreds of pages of industry specific guidance with a. Read More.