No Delay, But How About Some Corrections?
Everyone working on a deadline loves an extension of that deadline. Those involved in corporate preparation efforts for the massive overhaul of the newly converged revenue recognition standards should not count on any more deadline extensions. You got your one extra year. Anybody for more clarifications? Because that’s what the issuing body, the Financial Accounting Standards […]
Feedback from the FASB / IASB Webcast
Last week, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) held a joint webcast to discuss implementation of the newly converged revenue recognition standards by the two governing bodies and many of the now-familiar refrains were hammered home – along with a few eye-opening tidbits. Officials on the hour-long program […]
Bloomberg: Disclosures May Derail Revenue Standards Timing
OK, what we did there was use a headline alarming and accurate to entice you to read further and, well, it worked, right? As said headline indicates, a report came out last week from Bloomberg BNA as a result of the August 31 FASB board meeting, during which the need for continued discussion on how to […]
The Final Final for the New Revenue Recognition Standard ?
Is this the end? Haven’t we all seen those films where you think it’s over and suddenly the bad guy (or gal) gets back up? We’re talking to you, every “Halloween” movie, “Friday the 13th” flick, “Fatal Attraction” and countless others. Or, those final celebrations in honor of the conquering heroes which really weren’t? *Cough* […]
Leeyo Weighs In on FASB Findings
If you’re paying close attention to the decisions being made by the governing boards for the new revenue recognition guidance, last week was a big deal – or was it? Spoiler alert: we think it was The Financial Accounting Standards Board (FASB) refined some of its thinking on disclosure requirements at the group’s most recent […]
Is Anyone Really Ready for the New Revenue Guidance?
We are all about numbers so here are a few to mull over… 75 (the percentage of respondents yet to complete an impact assessment for the new revenue recognition guidance from a survey of companies in a variety of industries conducted this past summer by PricewaterhouseCoopers (PwC) and Financial Executives Research Foundation (FERF)) 27 (the […]
Handy Tips for a Successful RevRec Implementation
We’re here to help. That’s just how we are. Whether it’s to let people know the latest status on the newly converged revenue recognition standard, or the best way to prepare for this change, we’re here for you. With that in mind… That one-year reprieve until the new guidance becomes effective gives folks a bit […]
FASB Proposes Further Changes to New Guidance
Another wave of changes is on the horizon for the new revenue recognition guidance, which could tweak visions of global convergence in revenue recognition. As reported in Accounting Today and other venues, the Financial Accounting Standards Board (FASB) this week published an accounting standards update to address issues around collectibility, taxes, non-cash consideration, contract modifications and […]
You Need to Understand the New Standard to Apply It
Here’s what you know: The newly converged standard for revenue recognition was announced last year by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) following more than a decade of painstaking effort on the parts of those governing boards. In response to outcry from companies seeking extra time to transition […]
FASB Moves Forward on One Year Delay
Update Aug. 12, 2015: The one-year deferral voted on last month by the Financial Accounting Standards Board was made official this week. Update July 22, 2015: The International Accounting Standards Board (IASB) on Wednesday approved their one-year deferral for the effective date of the new revenue recognition standard to remain in alignment with the Financial […]
FASB To Discuss Delay
It’s a topic near and dear to the hearts of everyone interested in revenue recognition and it appears to be up for discussion this week. The proposed one-year delay of the effective date for the new revenue recognition guidance is on the docket tomorrow, July 9th, at the FASB board meeting. The gathering of the governing […]
Why Did FASB Defer?
Editor’s note: Today’s post is the latest from our new guest columnist, Shauna Watson, Global Managing Director of Finance & Accounting for RGP. Shauna, a subject matter expert in U.S. GAAP, IFRS, SEC and PCAOB regulations, will share her valued opinion on a number of topics in this space. Here, she discusses the recent FASB proposal […]