Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

FASB complete gross versus net guidance for revenue recognition

Tammy Whitehouse | March 17, 2016

The Financial Accounting Standards Board has issued an update to accounting standards meant to put to rest any confusion that may still exist on how to apply the principal-versus-agent guidance in the new revenue recognition rule.

FASB issued ASU 2016-08 to answer uncertainties that arose as companies dug into the massive new revenue recognition standard issued in 2014 to prepare for its adoption in 2018. The guidance addresses how to recognize revenue when there’s a third party to a transaction that might leave room for questions on whether the reporting company represents the principal in a three-way relationship or an agent of someone else. That...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.