All Transition Resource Group articles

  • Federal Reserve

    Fed 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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 ...

  • 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.