Revenue Recognition is Around the Corner: It’s Time to Stop Procrastinating!
In May 2014, the FASB issued ASU 2014-09; “Revenue from Contracts with Customers (Topic 606).” The overall goal of the standard is to enhance the comparability of revenue recognition practices across organizations, regardless of the industry, and streamline the requirements for revenue recognition for both public and non-public entities. This update is effective for public entities, including public business entities, with calendar-end reporting periods beginning after December 15, 2017. For all other entities, the update is effective for calendar-end reporting periods beginning after December 15, 2018.
In order to achieve the overall goal of enhancing comparability and streamlining the requirements, the guidance aims to establish specific principles for an entity to apply in the recognition of revenue based on a contract. While the steps laid out in the guidance may seem simple, as always, there will be nuances and complexities to decipher as we maneuver our way through adoption and application – don’t assume that your organization is unaffected.
During this presentation, we will discuss the changes that are on the horizon and how they are expected to impact revenue recognition practices across industries, including financial institutions. We’ll also provide specific examples to better illustrate the required steps of the standard.
During this complimentary webinar, we will cover:
- Impacted Parties
- Overall Goals of the Standard
- Practices to Follow
- Methods of Adoption
- Disclosure Requirements
- Detailed Examples
- And more!
So, it’s time to stop procrastinating! The new standard will be in effect in less than 90 days for public companies and right around the corner for everyone else.
Fill out the download form and access a copy of the recording today!