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March 2015 » Case Studies in the New Revenue...
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Robert A. Dyson, CPA
In BriefFor many years, FASB and the IASB sought to overhaul the guidance on revenue recognition, replacing industry-specific conventions with a common, universal approach focusing on contractual arrangements. The result, Accounting Standards Update (ASU) 2014-09, focuses on the satisfaction of contractual obligations in order for revenue to be recognized. Because retroactive application for existing contracts is required, accountants should familiarize themselves with the implications of this far-reaching guidance in advance of its effective date. The article provides several common examples to help guide financial statement preparers through the process.
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