All Topic 606 articles
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News Brief
Veradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
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Article
FASB update addresses revenue recognition in business combinations
The Financial Accounting Standards Board announced an update to its business combinations standard aimed at clarifying how to apply requirements under its revenue recognition rule.
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Article
Changing accounting standards driving financial process remediations
In response to new standards affecting leases, revenue recognition, and credit losses, public companies have significantly changed their financial processes in the past year and are not done yet, according to data from Deloitte.
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Article
FASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
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Article
FASB votes to approve leases, rev rec delays amid coronavirus response
The Financial Accounting Standards Board ruled unanimously on tentative effective date delays to standards affecting revenue recognition and leases in response to the ongoing coronavirus pandemic.
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Article
FASB Q&A tackles revenue recognition implementation
Determining transaction price and identifying performance obligations are among the most challenging implementation issues in accounting for revenue recognition, according to recent guidance from FASB.
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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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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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Blog
Amazon 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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Article
Revenue 2.0: Work continues to adapt to new rules
Even after calendar-yer companies have filed their first-quarter reports reflecting a new way to recognize revenue, work continues to adapt to the new rules.
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Blog
New standard triples revenue disclosures, Deloitte finds
Public companies are roughly tripling their revenue-related disclosures to comply with the new revenue recognition standard, according to a new analysis.
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Article
Time runs out on getting ready for new revenue recognition
With little time remaining to prepare for a wholesale change to revenue recognition, accounting leaders share some final insights to help companies wrap it up.
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Article
Early revenue adopters report little change to numbers
Early adopters of the new revenue standard are big companies with little change to their reported revenue numbers, but more substantial change to disclosures.