All Revenue Recognition articles – Page 10

  • Blog

    IASB Sets 2019 Effective Date for Lease Accounting Standard


    The International Accounting Standards Board says its updated lease accounting standard will take effect on Jan. 1, 2019, for companies following International Financial Reporting Standards. FASB is expected to issue its lease accounting standard by year’s end. The boards concur on how to define a lease and how leased assets ...

  • Blog

    FASB Proposes More Changes to Revenue Standard


    FASB is asking for feedback by Nov. 16 on its planned fixes to the revenue recognition standard to address implementation challenges around collectibility, taxes, non-cash consideration, contract modifications, and other technical issues. The board says its proposed amendments should reduce the degree of judgment necessary to apply the new revenue ...

  • Article

    Today’s Revenue Rule Surprise: Non-Financial Assets


    Image: Companies are starting to awaken to yet another wrinkle in the new revenue recognition standard: how it will affect the sale of non-financial assets, such as when you sell off an old property or intangible asset. “If you’re not in the real estate business, you don’t think of the ...

  • Blog

    SEC Frets Over Split in Revenue Recognition Adoption Efforts


    Image: Looking for consistency in application of the new revenue recognition standard, SEC Deputy Chief Accountant Wesley Bricker said companies need to do their homework and apply appropriate professional judgment. Bricker called on companies to move forward with implementation efforts “without delay” by understanding the key principles of the new ...

  • Blog

    FASB Proposes Gross-Net Guidance on Revenue Recognition


    FASB has proposed an update to its revenue recognition standard to clarify when an entity is acting as the principal in its interaction with a customer or when it is an agent for some other entity, helping a company determine if it should recognize revenue on a gross or net ...

  • Article

    Taxing Times Ahead on Revenue Standard


    Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...

  • Blog

    IASB Proposes Updates on Revenue Standard


    The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...

  • Blog

    10 More Things Related to Revenue Recognition


    One year ago, CW columnist Scott Taub offered 10 initial thoughts on the then-brand new standard for revenue recognition. After working with companies to implement the standard and participating in FASB’s Joint Transaction Resource Group, Taub says he remains optimistic about revenue recognition. Now he has 10 more thoughts on ...

  • Blog

    IASB Follows Suit on Deferring Revenue Recognition One Year


    Image: The International Accounting Standards Board has decided to delay the effective date of its revenue recognition standard by one year, just as FASB pushed out its required implementation date to 2018. IASB is delaying the standard because it is working on clarifications to help implementation and because it “keeps ...

  • Article

    Extra Year on Revenue Standard Means More Time to Sweat


    Image: Don’t let your accounting department get too excited with that additional year FASB has granted to adopt the new standard for revenue recognition. Experts helping companies’ implementation efforts say that extra time is much needed, with plenty of questions about the standard remaining unanswered. And don’t forget, “half of ...

  • Blog

    FASB Approves One-Year Deferral for Revenue Recognition


    As long expected, FASB has approved a one-year deferral of the effective date of the new standard on revenue recognition, pushing the adoption requirement out to 2018. The board will also allow companies to adopt the standard as of the original effective date, January 2017, if they are inclined to ...

  • Blog

    Mid-Year Look at Corporate Compliance in 2015


    Image: Six months ago Compliance Week Editor Matt Kelly picked six events to watch in corporate compliance for 2015: political risk, Republican activism, confusion over revenue recognition, and more. With the year half over—and in the interests of holding people accountable, including Compliance Week editors—now seems a good time to ...

  • Blog

    FASB, IASB Work Out Guidance on Gross vs. Net


    FASB and IASB have reached tentative decisions on how to address questions in the new revenue standard around when to report revenue on a gross versus net basis. While the boards are moving in different directions of how they will amend their respective guidance, FASB says the amendments to each ...

  • Article

    Financial Compliance Teams Await Tech Help on Revenue Rule


    Improved technology for financial systems will be critical as Corporate America moves to implement the impending new revenue recognition standard. That new tech, however, is slow-rolling its way to your data center, since the standard’s final guidance is still incomplete. “We knew going in we were not playing on a ...

  • Blog

    IRS Ponders Tax Issues of New Revenue Recognition Rules


    The Internal Revenue Service is asking for comments on how the new revenue recognition accounting standards will affect tax reporting. Tax rules require companies to secure permission from the IRS if they are making accounting method changes for federal income tax purposes, so the agency is now growing concerned over ...

  • Blog

    Revenue Recognition Implementation Brings Big Challenges


    Companies in the vanguard of implementing the new revenue recognition standard are finding it a daunting task requiring major planning and coordination. At the Compliance Week 2015 conference, Bavan Holloway, vice president of corporate audit at Boeing, said companies need to have a strong change management process in place. “It’s ...

  • Blog

    FASB Proposes Changes to Revenue Standard


    FASB has issued proposed revisions to the revenue recognition standard intended to head off the potential for varied interpretation of the standard and to simplify and reduce the cost of compliance in some areas. The board has focused the amendments on identifying performance obligations and accounting for revenue arising from ...

  • Blog

    FASB Seeks Comment on Revenue Delay, IASB Opts to Defer


    The Financial Accounting Standards Board has issued a formal proposal to delay the effective date of the revenue recognition rule by one year, just as the International Accounting Standards Board voted to propose a one-year deferral for the international standard. FASB’s proposal is seeking comment on whether a two-year delay ...

  • Article

    Buying Time With Revenue Standard Delay


    Image: FASB might delay implementation of the new revenue recognition standard; corporate financial reporting executives should not. Despite uncertainty on fine points of the standard and business software yet to digest FASB’s seachange in reporting revenue, businesses can do plenty now. “The deferral is telling companies don’t delay in assessing ...

  • Blog

    IASB Considers Deferral for Revenue Recognition Standard


    Now that the new revenue recognition standard is likely to be delayed by a year in the United States, the International Accounting Standards Board is recommending a delay until Jan. 1, 2018, for those who file under International Financial Reporting Standards. “We think that it is less confusing for the ...