Don’t Sleep On the TRG
By Jim Staats, Senior Account Manager at Zuora The effective date for ASC 606 is virtually right around the corner. Tell us something we don’t know, you’re saying. How about a refresher of something we’ve mentioned in the past? As reported in FEI Daily this week, stakeholders for the governing board behind the newly converged […]
#RevRec News from the latest Transition Resource Group Meeting
In the year since the release of accounting standards update No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), many details remain in a state of alteration. In the biggest development to date, the Financial Accounting Standards Board (FASB) has proposed to defer the effective date of the new standards by one year (definitely seen as a relief to […]
Change is In the Air!
A new revenue recognition standard was released jointly by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (collectively known as the boards) in May 2014. For over a decade, these standards have been worked on to become the single most important, industry-spanning topic ever tackled. Within the airline industry, for example, […]
Help is on the Way: TRG Tackles Revenue Topics
In June 2014, The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG). The role of TRG is to keep IASB and FASB informed about possible hurdles predicted in the implementation of the new revenue recognition standards across all […]