BLI offers a full and expanding catalog of courses to help you navigate the changes in revenue recognition.
- A Real-Life Look at Revenue Recognition in Today’s GAAP & What May Lie Ahead
- Revenue Recognition and Lease Accounting: Where are We Headed?
- Accounting for Revenue from Contracts with Customer
- Revenue Recognition – Overview & Implementation Issues
- Accounting and Auditing Current Developments
- Hot Topics in Accounting & Auditing
- Revenue Recognition – An Overview of the New Standard & Preliminary Look at its Impact on Your Company
News & Updates
March 18, 2015: Boards agree to propose additional changes to revenue standard
History & Implications
FASB and IASB issued their long-awaited converged standard on revenue recognition. Those closely following the project know there are potentially significant changes coming for certain industries, and some level of change for almost all entities. Below are some of the areas that could create the most significant challenges for entities as they transition to the new standard.
- Changes in the timing of revenue recognition
- Inclusion of variable consideration in the transaction price prior to resolution of contingencies
- Allocation of transaction price based on standalone selling price
- Determination of timing of revenue recognition for licenses of intellectual property
- Consideration of time value of money
- Capitalization of contract costs
- Enhanced and additional disclosure requirements