•  

rss
Feel free to peruse our blog or search for posts based on a specific term.





October 14, 2015

Narrow Scope Improvements Proposed to Revenue Recognition Guidance

Six proposed, small-scale changes have been added to the list of updates to ASU 2014-09, Revenue from Contract with Customers (Topic 606). The exposure draft of the changes, released by the Financial Accounting Standards Board (FASB), does not materially change the five-step process for revenue recognition put in place by ASU 2014-09. A recent article by Tampa Bay Managing Director, Brad Hale, discusses the changes and how they are designed to address six areas of implementation concern raised by the Transition Resource Group:

  1. Collectability Criterion
  2. Presentation of Taxes Collected from the Customer
  3. Noncash Considerations
  4. Contract Modifications at Transition
  5. Completed Contracts at Transition
  6. Technical Correction to Transition Guidance

As part of the exposure draft, the FASB agreed to add items related to the adoption and transition to the new revenue recognition guidance to its technical agenda. Further implementation concerns and issues will likely arise before the guidance starts to roll out in 2018, and we will keep you up-to-date as these changes occur.

For more information about the six proposed changes, read the full article here. If you have questions about how revenue recognition will impact your organization, please contact Brad at bhale@cbiz.com or 727.572.1400.


blog comments powered by Disqus



Tags

Phoenix tax Accounting affordable care act Alex Elliott anna howell Audit audit and assurance Award Awards awards and recognition BEPS Best Places to Work Betty Isler Bill Tapp BizJournals biztips bizwomen Blog Brad Hale brenda brigman bryan koch CBIZ CBIZ Kansas City CBIZ KC CBIZ MHM CBIZ MHM Memphis CBIZ MHM Tampa Bay cbiz security and advisory services CBIZ Women's Advantage CBIZBlog CBIZKC CBIZMHM CFO CFO & Controller Conference cfo conference CFO of the Year CFO of the year awards Charity Community Involvement Conference Construction Controller Conversation With country club plaza Craig Gilman cwa Dave Enick DOL EBP EBP Audits Ed Rataj Employee Benefit Plan Audits Employee Benefits employee engagement EmployeeBenefits entrepreneur EntreprenurialServicesGroup ESG Eustis Corrigan events Food Drive healthcare HR Human Resources Innovation International Tax Jenny Matasic Josh Finfrock Joyce Farris Kansas City KansasCity karen cassella KC CFO Breakfast Series KC Events KCEvents Linda Lauer Lloyd Grissinger Local Managing Director Manufacturing Mark Baricos MBJ Megan Murdock memphis Memphis Business Journal Memphis Daily News memphis super women in business mentoring monday mergers and acquisitions moira house Networking NFP Not-for-profit Paul Dunham pci compliance Phoenix promotions real estate Revenue Recognition SALT Service Social Committee sonya daniels Sponsorships Start Up Start Ups State and Local Tax steve dunavant Success Super Women in Business Tampa Bay Tampa Bay Business Journal tangible property regulations Tax Tax Incentives tax reform The Daily News Top Workplaces Tracey McDonald transaction advisory services Transfer Pricing UMB Bank University of Memphis Volunteer workplace award