New Revenue Standard and Implementation Approach
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Gain a better understanding of the rules for revenue recognition under GAAP, as well as current issues companies are facing with this new revenue standard.Revenue is one of the most important financial statement measures to both preparers and users of financial statements in assessing an entity's financial performance and position. Generally accepted accounting principles in the United States (U.S. GAAP) comprised broad revenue recognition concepts and numerous requirements for particular industries or transactions that could result in different accounting for economically similar transactions. In addition, U.S. GAAP differed from International Financial Reporting Standards (IFRS) and both needed improvement. In May 2014, the Financial Accounting Standards Board issued ASC Topic 606, Revenue from Contracts with Customers, and ASC Subtopic 340-40, Other Assets and Deferred Costs; Contracts with Customers, and the International Accounting Standards Board issued IFRS 15, Revenue from Contracts with Customers, to improve financial reporting by creating common revenue guidance for U.S. GAAP and IFRS. The core principle of the new revenue guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Robert Luman, Moss Adams LLP Dee Mirando-Gould, Moss Adams LLP
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