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The New Revenue Recognition Standard: Step 5 Recognize Revenue as the Performance Obligations are Satisfied

As mentioned in our previous blogs , on May 28th the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606 creating a whole new codification topic (ASC 606). The new standard ushers in a new era of revenue recognition by replacing thousands of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-19 isn’t effective for private entities until reporting periods beginning after December 15, 2017, and will be effective for public entities a year earlier. ASC 606. Read More.

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The New Revenue Recognition Standard: Step 4 — Allocate the Transaction Price to the Performance Obligations

As mentioned in our previous blog , on May 28th 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 ushers in a new era of revenue recognition by replacing hundreds of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-19 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC. Read More.

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The New Revenue Recognition Standard: Step 3 — Determining the Transaction Price

As mentioned in our previous blog , on May 28th the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606. This creates a whole new codification topic (ASC 606) and ushers in a new era of revenue recognition and replacing hundreds of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-09 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC 606 creates. Read More.

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Report Suggests SEC Comment Letter Disclosure Period to be Shortened

A new study by the American Accounting Association (“AAA”) is reporting complications with the current Securities and Exchange Commission (“SEC”) policy of waiting up to 20 business days of making comment letters public based on registrant filing reviews. Per the AAA’s report, it was determined insider sales are 70 percent above the normal rate five business days before revenue recognition-related comment letters by the SEC are publicly disclosed. This is notable because revenue recognition is one of the most critical accounting issues discussed in comment letters and are likely to concern investors. As noted by the report, the SEC’s current. Read More.

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The New Revenue Recognition Standard — Step 2: Identify the Performance Obligations

As mentioned in our previous blog , on May 28th 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 ushers in a new era of revenue recognition by replacing hundreds of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-09 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC. Read More.

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The New Revenue Recognition Standard — Step 1: Identify the Contract with a Customer (Part II)

As mentioned in our previous blog , on May 28th 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 ushers in a new era of revenue recognition by replacing thousands of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-09 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC. Read More.

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