Book [PDF] Flattening The Revenue Recognition Standard Download

Flattening the Revenue Recognition Standard PDF

Author: Luis Benavides
Publisher:
ISBN:
Category :
Languages : en
Pages : 28

Book Description
On May 28, 2014, after years of planning, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued joint revenue recognition standards, ASU 2014-09 (Topic 606) and IFRS 15. Through the project the boards sought to “flatten” the revenue recognition standard, alongside an overall improvement in cross-border financial reporting and analysis. This paper cross examines both current and future standards under U.S. GAAP, and discusses key areas of the new standard that will dramatically impact the financial reporting and operations sectors of organizations.

Author: A Taub Scott
Publisher:
ISBN: 9780808059073
Category :
Languages : en
Pages : 0

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Book Description
Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue in accordance with US and International accounting standards. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature. This edition of the guide provides comprehensive discussion of the authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. The book includes discussion, analysis, and example throughout, and includes excerpts from public filings illustrating many of the principles of the standards. How Is This Guide Organized? Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions. Organization Objectives and Framework Chapter 2, "Scope and Overview of Topic 606/IFRS 15," explains the objectives and core principles of the new revenue recognition standards, and provides a high-level discussion of the five-step model that frames the guidance on determining the amount of revenue and the timing of revenue recognition. Chapter 2, "Scope and Overview of Topic 606/IFRS 15," also discusses the scope of the new guidance. Chapters 3-7 provide a detailed discussion of each of the five steps in the model, including implementation guidance in the standard, as well as guidance that has resulted from discussions of the TRG and the IFRIC. Related Matters Chapter 8, "Continuing Involvement," discusses guidance in Topic 606/IFRS 15 on certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services. Chapter 9, "Costs of Contracts with Customers," addresses the guidance on costs of revenue transactions. Chapter 10, "Presentation," addresses matters of the presentation of revenue transactions in balance sheets and income statements, including discussion of whether to recognize transactions on a gross or net basis. Application to Common Arrangements Chapters 11-13 then explain how the model applies to common issues faced in the delivery of products, services, and intellectual property to customers. Explaining how the five steps apply to common transactions is intended to both provide practical guidance for readers and reinforce the understanding of the principles of the standard. Financial Reporting Chapter 14, "Disclosure," addresses disclosures required by the new literature that go far beyond the disclosure requirements that currently exist. This chapter also discusses revenue disclosures required in SEC filings in areas other than the financial statements.

Revenue Recognition--milestone Method (Topic 605) PDF

Author: Financial Accounting Standards Board
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 18

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Book Description

The Challenges of Improving Revenue-recognition Standard for Multiple-element Firms PDF

Author: Anup Srivastava
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
I investigated whether implementing SOP 97-2, the revenue-recognition standard for the software industry, reduces earnings informativeness. This standard is particularly important for two reasons: First, its provisions coincide with provisions of SAB 101, the current general revenue-recognition standard. Second, the software industry provides a laboratory setting for examining multiple-element firms, whose revenue-recognition challenges keep mounting as more and more firms bundle multiple products and services. I found that implementing SOP 97-2 leads to additional revenue deferrals and a decline in earnings informativeness. However, the market prices these deferrals as revenues, as if these amounts had not been deferred. Moreover, the proforma earnings, which I calculated by undoing the revenue deferrals, more strongly correspond with market returns than do the reported earnings. My findings indicate that the accounting numbers calculated using the pre-SOP 97-2 revenue-recognition rules more strongly correspond with market returns than do those calculated using SOP 97-2. My findings should interest FASB in its project on developing a new revenue-recognition standard.

Revenue Recognition when Right of Return Exists PDF

Author:
Publisher:
ISBN:
Category : Revenue
Languages : en
Pages : 11

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Book Description

Author: Scott Taub
Publisher:
ISBN: 9780808057413
Category :
Languages : en
Pages : 600

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Book Description
Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue in accordance with US and International accounting standards. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature. This edition of the guide provides comprehensive discussion of the authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. The book includes discussion, analysis, and example throughout, and includes excerpts from public filings illustrating many of the principles of the standards. How Is This Guide Organized? Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions. Organization Objectives and Framework Chapter 2, "Scope and Overview of Topic 606/IFRS 15," explains the objectives and core principles of the new revenue recognition standards, and provides a high-level discussion of the five-step model that frames the guidance on determining the amount of revenue and the timing of revenue recognition. Chapter 2, "Scope and Overview of Topic 606/IFRS 15," also discusses the scope of the new guidance. Chapters 3-7 provide a detailed discussion of each of the five steps in the model, including implementation guidance in the standard, as well as guidance that has resulted from discussions of the TRG and the IFRIC. Related Matters Chapter 8, "Continuing Involvement," discusses guidance in Topic 606/IFRS 15 on certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services. Chapter 9, "Costs of Contracts with Customers," addresses the guidance on costs of revenue transactions. Chapter 10, "Presentation," addresses matters of the presentation of revenue transactions in balance sheets and income statements, including discussion of whether to recognize transactions on a gross or net basis. Application to Common Arrangements Chapters 11-13 then explain how the model applies to common issues faced in the delivery of products, services, and intellectual property to customers. Explaining how the five steps apply to common transactions is intended to both provide practical guidance for readers and reinforce the understanding of the principles of the standard. Financial Reporting Chapter 14, "Disclosure," addresses disclosures required by the new literature that go far beyond the disclosure requirements that currently exist. This chapter also discusses revenue disclosures required in SEC filings in areas other than the financial statements.

The New Revenue Recognition Standard PDF

Author: Joseph R.
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in May 2014, the new principles-based revenue recognition standard replaces prescriptive, industry-specific guidance, improving comparability across industries and throughout global capital markets. This report explains the new standard further. --

Financial and Accounting Guide for Not-for-Profit Organizations PDF

Author: Malvern J. Gross
Publisher: John Wiley & Sons
ISBN: 0470457066
Category : Business & Economics
Languages : en
Pages : 290

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Book Description
"This Seventh Edition is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains discussions of the accounting and reporting guidelines for different types of organizations, complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, and much more!"--Publisher's Website.