Living with the New Guidance in Life Sciences
In our continued effort to dig into the new revenue recognition standards industry by industry, today we examine what the new guidance could mean for those in the field of life sciences. As our readers are more than likely aware, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced last […]
IASB Votes for One Year Delay of New Revenue Standard
As expected, the International Accounting Standards Board (IASB) this week voted in favor of a one-year deferral of the start date for the newly converged revenue guidance. Though the delay would maintain alignment with the Financial Accounting Standards Board (FASB) proposal earlier this month for a similar one-year delay to their new standard, officials for […]
Why Should Lawyers Care About #RevRec changes?
It was just last year that the accounting governing boards FASB and IASB jointly issued the new ASU 2014-09, “Revenue from Contracts with Customers” which outlines a single all-inclusive model for accounting for revenue from customer contracts. The effective date of this new standard will be somewhere after December 2016, at least for FASB pending official […]
Task Force to Deal with Prepaid Card Issues
The Financial Accounting Standards Board has recently provided instructions to the Emerging Issues Task Force (EITF) to consider how exactly to account for liabilities associated with certain prepaid cards. The EITF primarily will be investigating and carrying out discussions on whether and when an entity should derecognize a prepaid card liability that exists before the […]
One Year Delay Proposed by FASB
The Financial Accounting Standards Board proposed a one year delay in enacting the new revenue recognition standards announced last year. The governing board also agreed to allow early adoption in the proposal voted on Wednesday, according to the Wall Street Journal. Once the proposal for a delay is officially issued by FASB, the public will […]
A Spotlight on the M&E Industry’s Revenue Implementation Issues
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (collectively, the boards) agreed to clarify the guidance in their new revenue standards on accounting for licenses of intellectual property (IP) and identifying performance obligations. However, they did not agree on the nature and breadth of the changes or the timing of […]
Implementing the New Standard isn’t Just about Finance and Accounting
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. Although implementation of the new revenue recognition […]
New #RevRec Standards Bring Big Changes in Banking
Banks both big and small may need to begin the difficult task of changing certain long-standing revenue recognition practices as a result of the new revenue recognition standard jointly released last year by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (collectively, the boards). How much a financial institution will be affected […]
New Revenue Guidance: Just Different, or Better?
In previous posts, we discussed the release of the long-awaited new accounting principles and the ensuing reactions to it from industry experts. Now, as the new guidelines have been put under the spotlight by industry owners, it is fair for them to wonder just how exactly do the main principles of the new update differ […]
New revenue reporting standards are out! How many are ready for it?
In May 2014, a new, and more importantly a single revenue accounting model was finalized and will replace the old guidance. Yes it is here! It took around 10 years for the Financial Accounting Standards board (FASB) and International Accounting Standards Board (IASB) to release these standards and I believe it is the single most across-the-board important […]