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Revenue: News and publications

A comprehensive collection of news and publications related to ASC 605, ASC 606, ASC 610, and the joint revenue project, sorted in reverse chronological order.


In May 2014, the FASB and IASB issued a converged revenue standard. Click for direct access to:

Power & Utilities Spotlight — Effects of the new revenue standard: Observations from a review of first-quarter 2018 public filings by power and utilities companies

Jul 13, 2018

This Power & Utilities Spotlight discusses our review of the disclosures in the public filings of a group of companies that adopted the FASB’s new revenue standard (ASC 606) in the first quarter of 2018. While we observed diversity in practice, it’s clear that the standard’s new and modified disclosure guidance has significantly increased the amount and type of information disclosed about revenue activities and related transactions.

Heads Up — ASC 606 is here — How do your revenue disclosures stack up?

Jul 11, 2018

This Heads Up provides insight into Deloitte’s review of the disclosures in the public filings of a sample of companies that adopted the FASB’s new revenue standard (ASC 606) as of the first quarter of 2018. Entities may benefit from evaluating the disclosure trends we have observed as a result of this review.

AICPA issues two revenue working drafts

May 02, 2018

The AICPA’s revenue recognition task forces have released for public comment two working drafts on accounting issues associated with the implementation of the new revenue standard for gaming and telecommunication entities.

FASB staff proposes taxonomy implementation guide on revenue and taxonomy improvements related to its proposal on collaborative arrangements

May 01, 2018

The FASB staff has issued a proposed financial reporting taxonomy implementation guide, “Revenue From Contracts With Customers (Including Remodeling of Revenue and Cost of Revenue Presentation in the Statement of Income),” and proposed taxonomy improvements related to the proposed Accounting Standards Update (ASU), “Collaborative Arrangements (Topic 808): Targeted Improvements.”

Heads Up — FASB proposes guidance on collaborative arrangements

Apr 30, 2018

This Heads Up discusses the FASB’s proposed Accounting Standards Update, "Collaborative Arrangements (Topic 808): Targeted Improvements," which would amend ASC 808 to address uncertainties related to the interaction of that guidance with the FASB’s new revenue standard (ASC 606).

Real Estate Spotlight — “Failed sales” of nonfinancial assets require reassessment upon adoption of ASC 606 and ASC 610-20

Apr 17, 2018

This Real Estate Spotlight discusses an entity’s requirements upon adopting ASC 610-20, which provides guidance on the recognition and measurement of transfers of nonfinancial assets. As a result of the new guidance, an entity may need to reverse its accounting for previous transactions and adjust beginning retained earnings.

Power & Utilities Spotlight — “Failed sales” of nonfinancial assets require reassessment upon adoption of ASC 606 and ASC 610-20

Apr 13, 2018

This Power & Utilities Spotlight discusses an entity’s requirements upon adopting ASC 610-20, which provides guidance on the recognition and measurement of transfers of nonfinancial assets. As a result of the new guidance, an entity may need to reverse its accounting for previous transactions and adjust beginning retained earnings.

Heads Up — What private companies should know about the new revenue recognition standard

Apr 11, 2018

This Heads Up provides a high-level overview of the new five-step model for recognizing revenue under ASC 606 and discusses the standard's mandatory effective date for private companies. It also outlines the practical expedients available to private companies with respect to certain of the new standard's disclosure requirements and discusses internal control considerations. In addition, the Heads Up provides some observations and lessons learned from the implementation of ASC 606 by public companies.

Highlights of the March 2018 FASAC meeting

Mar 27, 2018

At its March 20, 2018, meeting, the FASB’s Financial Accounting Standards Advisory Council (FASAC) discussed (1) tax reform and income tax accounting and (2) implementation of the new revenue recognition standard.

Highlights of the March 2018 Not-for-Profit Advisory Committee meeting

Mar 23, 2018

At its March 12–13, 2018, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) revenue recognition of grants and contracts by not-for-profits (NFPs), (2) the Tax Cuts and Jobs Act, and (3) implementation issues related to certain FASB ASUs.

Revenue From Contracts With Customers — A guide to IFRS 15

Mar 21, 2018

Deloitte Touche Tohmatsu Limited has published “Revenue From Contracts With Customers — A Guide to IFRS 15.” This 254-page publication is intended to help preparers and users of financial statements understand the impact of adopting IFRS 15, “Revenue From Contracts With Customers,” which is now effective.

AICPA issues seven revenue working drafts

Feb 02, 2018

The AICPA’s revenue recognition task forces have released for public comment seven working drafts on accounting issues associated with the implementation of the new revenue standard for aerospace and defense, gaming, health care, insurance, and telecommunication entities.

Shipping Spotlight — Navigating a vessel through the new revenue and leases standards

Feb 01, 2018

This Shipping Spotlight discusses the new revenue and leases standards with a focus on implementation considerations for the shipping industry. Specifically, this publication addresses select aspects of the new revenue and leases standards that relate to certain common arrangements in the shipping industry, such as (1) voyage charters, (2) contracts of affreightment, (3) time charters, (4) bareboat charters, and (5) vessel pool arrangements.

Insurance — Accounting and Financial Reporting Update (2017)

Jan 24, 2018

The January 2018 edition of our annual update highlights selected accounting and reporting developments that may be of interest to entities in the insurance sector. Among other topics, the publication discusses (1) the guidance on accounting for short-duration insurance contracts, (2) the FASB’s continued deliberation of its proposed targeted improvements to the accounting for long-duration insurance contracts, (3) the issuance of targeted improvements to hedge accounting, and (4) the new leasing and revenue recognition standards.

Heads Up — Observations from a review of public filings by early adopters of the new revenue standard

Jan 22, 2018

This Heads Up provides insight into Deloitte’s review of the disclosures in the public filings of a group of companies that early adopted the FASB’s new revenue standard (ASC 606) in 2017. Entities adopting the standard beginning in 2018 may benefit from evaluating the disclosure trends we have observed as a result of this review.

AICPA issues revenue working draft for broker-dealers

Jan 09, 2018

The AICPA’s Revenue Recognition Task Force has released for public comment a working draft on accounting issues associated with the implementation of the new revenue standard for broker-dealers.

Real Estate & Construction — Accounting and Financial Reporting Update (2017)

Dec 22, 2017

The 2017 edition of our annual update highlights selected accounting and reporting developments that may be of interest to entities in the real estate and construction sector. Among other topics, the publication discusses (1) issues related to implementation of the new leasing and revenue recognition standards and (2) application of the new guidance that clarifies the definition of a business.

Banking & Securities — Accounting and Financial Reporting Update (2017)

Dec 22, 2017

The 2017 edition of our annual update highlights selected accounting and reporting developments that may be of interest to entities in the banking and securities sector. Among other topics, the publication discusses (1) implementation issues related to the guidance on measurement of credit losses on financial instruments, (2) the issuance of targeted improvements to hedge accounting, and (3) application of the new revenue recognition and leasing standards.

AICPA issues revenue working draft for broker-dealers

Dec 15, 2017

The AICPA’s Revenue Recognition Task Force has released for public comment a working draft on accounting issues associated with the implementation of the new revenue standard for broker-dealers.

Heads Up — Highlights of the 2017 AICPA Conference on Current SEC and PCAOB Developments

Dec 10, 2017

This issue extracts key insights from this year's three-day AICPA Conference on Current SEC and PCAOB Developments. The conference features speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB, and other professional groups on current accounting, reporting, and auditing practice issues.

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