All ASC 606 articles
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ArticleCan CPA firms help with new revenue recognition standard?
Robert Durak of the AICPA provides seven requests companies should make of their auditors when tackling revenue recognition implementation to avoid putting auditor independence at risk.
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ArticleHot topics for 2019 year-end audits
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.
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ArticleRevenue recognition drove 2018 restatements, new report says
Revenue recognition drove more restatements in 2018 than in prior years and caused more restatements than any other area of accounting, a new study finds.
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ArticleFASB formally proposes accounting change delays, including CECL
FASB is formally proposing major changes to effective dates for several significant accounting standards, including a CECL delay for smaller reporting companies.
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ArticleSEC comments drove changes in revenue reporting, analysis says
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.
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ArticleEstimation vs. precision: tension in accounting grows
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
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ArticleFASB to push CECL to 2023 for small public companies
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
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ArticleAICPA revenue recognition guide hits audit, sector issues
Still looking for some help on revenue recognition? The AICPA has published an audit and accounting guide meant to work through industry-specific issues.
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Article
Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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Blog
Companies adjust revenue disclosures, grapple costs
Companies are changing their revenue recognition approach as they move from quarter to quarter, and they’re tallying higher-than-expected costs, poll says
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Blog
Comment letters show SEC forced restatement on ASC 606
After a 15-part comment letter exchange with the SEC over its compliance with new revenue recognition rules, Kingsway Financial Services opted to restate.
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ArticleWeary from accounting change? Brace for more in 2019
Change has become the new normal in public company accounting offices, and 2019 promises to deliver even more of the same.
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ArticleAuditors finalize hot topic lists for 2018 year-end
As calendar-year companies approach their year-end close, audit firms are prepping teams for the big issues they need to scrutinize closely in their 2018 year-end audits.
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Blog
New GAAP rules drive audit fee increases, poll says
New accounting standards and M&A activity are driving modest increases in audit fees for public companies, according to a new FERF survey.
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BlogAmazon pushes back on SEC revenue disclosure comment
The SEC is getting some pushback from Amazon over how it breaks up and reports revenue for its different streams under ASC 606.
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Blog
SEC staff plans to scrutinize year-end revenue disclosures
As companies get closer to their first annual disclosures under new revenue recognition rules, staff members at the SEC are stocking up on red pens.
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Blog
FASB finalizes rules on collaborative arrangements
The FASB continues to field and answer one-off questions on revenue recognition, with the most recent installments on collaborative arrangements and franchise fees.
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Article
Revenue compliance questioned heading toward year-end
Whatever public companies have disclosed about revenue recognition so far, regulatory reaction after two quarterly filings would suggest they should plan to say more.
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Blog
Companies should revisit revenue compliance, SEC staff hint
SEC staff have signaled companies might want to take a second look at their revenue recognition compliance as they approach their first year-end filing under ASC 606.
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Blog
FASB proposes lease rule simplification for lessors
FASB has taken another step to make the adoption of the huge new standard on lease accounting a little simpler—this time for lessors.