In May 2014, FASB issued an Accounting Standards Update regarding Topic 606: Revenue from Contracts with Customers, along with various amendments, to be implemented in 2017 and 2019. In this post, we’ll talk about exact adoption dates of the new construction revenue recognition standards, the major updates, and how you can help your construction clients […]
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(Video) Don’t Overlook These 3 Details in Topic 606, FASB’s New Revenue Recognition Model
When it comes to your implementation plan for Topic 606, the FASB's new revenue recognition model, here are 3 details not to overlook.
FASB Issues Two New ASUs, Continuing its Early Torrid Pace in 2017
This past week, the FASB issued two new ASUs, bringing the total of Updates issued in the first two months of the year up to six, compared to two Updates issued by this time last year. Read more for an overview of each of these recent Updates.
A Closer Look: FASB’s Amendments to Topic 606, Revenue From Contracts With Customers
With ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers, the FASB continued its response to implementation challenges and requests for clarifications received from the Transition Resource Group (TRG). The TRG, the group of practitioners, accountants and financial statement preparers tasked with vetting questions concerning Topic 606, Revenue from […]
FASB Issues Technical Improvements to Topic 606, Making it Easier to Implement
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers. This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the […]