All Transition Resource Group articles
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ArticleFed study minimizes lending, volatility concerns of CECL
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
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Blog
FASB preps CECL edit to allow more fair value
To make it easier for companies to adopt CECL for credit losses, FASB is considering a change that would permit more use of fair value.
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Blog
FASB staff plan to suggest CECL edits to answer questions
FASB staff plan to suggest narrow changes to the new standard on credit losses to answer implementation questions on classification changes, interest, and more.
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Article
Revenue judgments about to go under the microscope
As they file their first 10-Qs under new revenue rules, companies may find their judgments will face a whole new round of scrutiny in the very next quarter.
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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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Blog
FASB finalizes guidance on licensing, performance obligations
FASB has issued guidance related to the revenue recognition standard to clarify licensing and identifying performance obligations. The guidance says entities are not required to assess whether promised goods or services are performance obligations if they are immaterial in the contract with the customer. It also provides some clarification around ...
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Blog
FASB appoints transition group for pending credit loss standard
Image: FASB has seated a Transition Resource Group to help implement the pending standard on credit losses that will include 16 bigwigs from accounting firms PwC, KPMG, EY, Deloitte, Grant Thornton, and Crowe Horwath, as well as banking and insurance entities. The group, which will be chaired by FASB member ...
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Blog
Final TRG Session Leaves Lingering Questions on Licenses
FASB and IASB’s Transition Resource Group met one final time to work through questions surrounding revenue recognition. While the group forged ahead with such issues as treating customer options for additional goods and services, pre-production activities, and fixed-odds wagering contracts, uncertainty still exists for licensing. Big 4 accounting firm PwC ...
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Blog
AICPA Begins Floating Revenue Recognition Drafts
Image: The American Institute of Certified Public Accountants has assembled 16 industry task forces to examine industry-specific implementation questions that are emerging as companies prepare to adopt the new principles-based revenue recognition standard. The working drafts provide insight and examples around nine specific questions, says Kim Kushmerick, senior technical ...
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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 ...
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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 ...
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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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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
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.