ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

The FASB and the IASB issued the new revenue standard in May, 2014. How will it change your thinking about revenue recognition and measurement? It will certainly change your disclosures.

What aspect of this standard will define or describe it? Will it be considered an exemplar of what a converged truly international standard should be? Will it allow you to better reflect the economics of your contracts and transactions? Will it be its many and varied inconsistencies?  Will it be deemed the “Pick a number, any number” standard?

Will software companies lament VSOE of FV? Will users of ASC 605-35 ever be the same again? Will the revenue reporting in the Cloud computing world change? How so? Collectibility remains a recognition threshold but did you know that it will no longer affect the measurement or presentation of revenue?

 



On April 29,2015 the FASB issued an ASU that proposed a one-year deferral of the effective date of ASC 606 for all entities. The comment deadline is May 29, 2015. The IASB has also proposed a one-year deferral of IFRS 15. The comment deadline is July 3, 2015. The Board votes will occur after a review of comments received. To learn more and assess its impact on the implementation process, please read more.

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