If you think you have a lot of time to implement the new revenue recognition standard, you don’t! While revenue may still be recognized under the old standards through December 31, 2018, disclosure will be required about the effects of the January 1 adoption. This disclosure will be expected to be fairly substantive, since the… Continue reading New Revenue Recognition Standard. If You Think You Have a Lot of Time, Think Again!
Category: Oliver Brooks
Newsletter – November 2017
Are You Ready for the New Revenue Recognition Standard? Oliver Brooks, CPA, CFO Consulting Partners LLC INTRODUCTION On May 14, 2014 the FASB issued the standard ASC 606 Recognition of Revenue from Contracts with Customers. The FASB issued an Accounting Standards update to the Standard (ASU 2016 -10) in April 2016. The implementation date for… Continue reading Newsletter – November 2017
The New Revenue Recognition Standard (ASC 606)
Introduction On May 14, 2014 the FASB issued the standard ASC 606 Recognition of Revenue from Contracts with Customers. It is a converged standard with the IASB (IFRS 15) The FASB issued an Accounting Standards update to the Standard (ASU 2016 -10) in April 2016. The implementation date for the standard is: For public business… Continue reading The New Revenue Recognition Standard (ASC 606)