All Revenue Recognition articles – Page 11
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Blog
FASB Votes for One-Year Deferral on Revenue Recognition
Image: FASB will propose a one-year delay in the effective date of its new revenue recognition standard, while allowing adoption of the original effective date for companies ready to move forward. FASB member Daryl Buck, though initially skeptical of a delay, said, “It would be very difficult to expect [media ...
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Blog
FASB Mulls Deferral on New Revenue Rule
Image: FASB will review research behind a possible delay in the new revenue recognition standard. The board might also consider allowing early adoption, currently prohibited under FASB’s standard. SEC Chief Accountant James Schnurrif said, “If the parties determine there are implementation issues that require additional standard setting, I would think ...
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Blog
Un-Convergence? Auditors Fret Over Possible Changes to Revenue Rule
Auditors are starting to worry about the implications of changes to the sweeping new standard on revenue recognition if U.S. and international rulemakers start debating new views and reaching different conclusions. Although both boards agreed in a recent joint meeting to consider changes, they didn’t agree on what those changes ...
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Article
When Revenue Recognition and Executive Pay Collide
Image: The impending new accounting standard for revenue recognition already has corporate accountants buzzing; now compensation committees should brace for impact. The standard redefines a host of terms under the heading of “revenue,” and that will affect pay plans. “To the extent executive compensation is triggered by company performance … ...
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FASB, IASB Staff Call for Changes to Revenue Rules
Staff members of both the U.S. and international accounting rulemakers are recommending that their boards re-open their massive joint standard on revenue recognition to answer specific questions around implementation. The Joint Transition Resource Group has fielded nearly 40 issues that companies have encountered; FASB began to consider possible changes this ...
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Article
The Slog Begins for New Revenue Standard
Image: FASB’s effort to implement its new standard for revenue recognition by 2017 is bumping against business reality, as different parts of Corporate America grow vocal about their ability—or lack thereof—to manage the task. “A lot of companies are trying to correlate the messaging around a potential deferral and potential ...
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Preparing Your Board for Revenue Recognition
The first rule of care and feeding of directors: no surprises. A major one lurks in the new revenue recognition rules, due to be implemented in 2017. Early surveys show most boards and audit committees have little idea what is looming on the horizon. This week, columnists Stephen Davis and ...
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Blog
FASB May Offer Deferral, Early Adoption on Revenue Rule
The Financial Accounting Standards Board is considering both a deferral of its sweeping new revenue recognition rule and early adoption for companies ready to proceed, a FASB spokesman said Monday. FASB will decide later this spring on those ideas, after hearing more input from companies preparing for the current 2017 ...
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Blog
Poll Finds Uncertainty on COSO, Revenue Recognition
Up to one-third of companies may not be implementing the new COSO framework for their 2014 financial reporting, and one-fourth don’t know when they will implement the framework.
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Article
Recognize the Big Standards’ Changes
The auditing and financial reporting world will spend lots of 2015 preparing for the new revenue recognition standard going into effect by 2017—but from leasing to going concern warnings to IFRS adoption in the United States, plenty of other major changes may arrive as well. “Folks have come to see ...
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Blog
PCAOB Disciplines Grant Thornton Auditor in Japan
The Public Company Accounting Oversight Board has disciplined a Grant Thornton auditor in Japan for failing to address numerous red flags that revenue could be overstated in the 2010 audit of Baldwin-Japan Ltd.
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Blog
FASB Studies Three Revenue Issues for Possible New Guidance
Image: Financial Accounting Standards Board Chairman Russ Golden has authorized FASB staff to conduct research on (1) how to apply the new revenue recognition standard to licensing agreements; (2) when revenue should be recognized on a gross versus net basis; and (3) how to determine performance obligations. The research should ...
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Blog
CAQ Reminds Auditors of Hot-Button Audit Issues
Image: A new Center for Audit Quality alert highlights issues that auditors will need to pay special attention to in the year-end review, such as revenue recognition, related-party transactions, and more. “This alert summarizes potential areas of risk and can be a useful resource for our auditing firm members as ...
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Article
Hidden Complexity in the New Rules for Revenue Recognition
Financial reporting and auditing experts are warning companies of surprises they may encounter as they continue to work their way through 700 pages of new accounting rules on how to recognize revenue in their financial statements beginning in 2017. The accounting standard update requires several new disclosures, for example. “There ...
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Blog
Golden Answers Early Political Pressure on Revenue Recognition
To answer early political pressure over the new accounting standard on revenue recognition, the Financial Accounting Standards Board is pledging its readiness to work through implementation issues as they are identified and brought to the board for action.
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Blog
Companies Still Sorting Through Revenue Recognition Rule, Survey Shows
Image: PwC and the Financial Executives Research Foundation are offering fresh evidence that companies are behind on FASB’s new revenue recognition standard. In their joint survey of 174 companies, 54 percent said they are familiar with the standard, but only 29 percent said they would be prepared to adopt it ...
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Article
Companies Fall Behind on Preparing for Revenue Recognition Rules
Image: Title: Mirando-GouldAccounting experts say that most companies will not be prepared to follow new revenue recognition accounting rules at the start of next year, the ideal date for those that want to be ready for a full retrospective adoption. Meanwhile, officials at the Financial Accounting Standards Board say they ...
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Blog
FASB Studies Possible Deferral for Revenue Recognition
Image: Title: KroekerFASB plans to consider in early 2015 whether to give companies more time to adopt the new revenue recognition standard. Although the board has received numerous requests for more time, at a recent meeting FASB Vice Chairman Jim Kroeker indicated little sympathy for delayed action. “To those who ...