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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:

Technology Spotlight — The future of revenue recognition (March 2017)

Mar 17, 2017

This Technology Spotlight discusses the framework of the new revenue model and highlights key accounting issues and potential challenges for technology entities that account for revenue recognition under U.S. GAAP.

AICPA issues five revenue working drafts

Mar 02, 2017

The AICPA’s revenue recognition task forces have released for public comment five working drafts on accounting issues associated with the implementation of the new revenue standard for aerospace and defense, broker-dealer, power and utility, and time-share entities.

Heads Up — FASB amends guidance on derecognition and partial sales of nonfinancial assets

Feb 28, 2017

This Heads Up discusses FASB Accounting Standards Update (ASU) No. ASU 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets," which clarifies the scope of the Board’s recently established guidance on nonfinancial asset derecognition (ASC 610-20) as well as the accounting for partial sales of nonfinancial assets. The ASU conforms the derecognition guidance on nonfinancial assets with the model for transactions in the new revenue standard (ASC 606, as amended).

Highlights from the FASB’s February 22 meeting

Feb 23, 2017

At its February 22, 2017, meeting, the FASB discussed its project on modification accounting under ASC 718 and revenue recognition of grants and contracts by not-for-profit entities.

FASB issues guidance on derecognition and partial sales of nonfinancial assets

Feb 23, 2017

The FASB has issued Accounting Standards Update (ASU) No. 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.”

Heads Up — Forecasting revenue disclosures — Storm brewing?

Feb 22, 2017

This Heads Up discusses certain of the disclosure requirements in the FASB’s new revenue standard that may be particularly challenging for entities to implement.

Journal entry — FASB discusses research performed on accounting for nonrecurring engineering and preproduction costs

Feb 17, 2017

At its February 15, 2017, meeting, the FASB discussed the results of its staff’s outreach and research on the accounting for nonrecurring engineering and preproduction costs and the presentation of customer reimbursements related to such costs.

Highlights from the FASB’s February 15 meeting

Feb 17, 2017

At its February 15, 2017, meeting, the FASB discussed its project on hedging as well as its research on revenue recognition.

AICPA issues revenue working drafts for insurance and software entities

Feb 03, 2017

The AICPA’s Revenue Recognition Task Force has released for public comment working drafts on accounting issues associated with the implementation of the new revenue standard for insurance and software entities.

AICPA issues additional revenue working drafts

Jan 06, 2017

The AICPA’s Revenue Recognition Task Force has released for public comment four working drafts on accounting issues associated with the implementation of the new revenue standard for the following industries: aerospace and defense, telecommunications, and time shares.

Journal entry — FASB issues technical corrections and improvements to new revenue standard

Jan 05, 2017

On December 21, 2016, the FASB issued ASU 2016-20, "Technical Corrections and Improvements to Topic 606, 'Revenue From Contracts With Customers,'" which amends certain aspects of the Board’s new revenue standard, ASU 2014-09, "Revenue From Contracts With Customers (Topic 606)." ASU 2016-20 is the result of a proposed ASU issued in May (the “May proposed ASU”) and an additional proposed ASU, "Technical Corrections and Improvements to Update 2014-09, 'Revenue From Contracts With Customers (Topic 606),'" issued in September (the “September proposed ASU”).

Investment Management — Accounting and Financial Reporting Update (2016)

Dec 22, 2016

The ninth edition of our annual update highlights selected accounting and reporting developments that may be of interest to investment management entities. Among other topics, the publication discusses (1) the issuance of refinements to the new guidance on recognition of revenue from contracts with customers, (2) the issuance of new guidance on classification and measurement of financial instruments, and (3) the SEC’s continued focus on rulemaking, particularly in connection with its efforts related to investment company report modernization, liquidity risk management, and swing pricing.

FASB issues technical corrections and improvements to its new revenue standard

Dec 22, 2016

The FASB has issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, ‘Revenue From Contracts With Customers,’” which would make minor changes to the Board’s new revenue guidance.

Dbriefs webcast — Quarterly accounting roundup: An update on important developments

Dec 16, 2016

This presentation discusses key financial reporting developments throughout 2016, including the AICPA Conference on Current SEC and PCAOB Developments, revenue TRG activities, and a FASB update.

Highlights from the FASB’s December 14 meeting

Dec 16, 2016

At its December 14, 2016, meeting, the FASB discussed its projects on (1) clarifying the scope of ASC 610-20 and accounting for partial sales of nonfinancial assets, (2) revenue recognition of grants and contracts by not-for-profit entities, and (3) disclosure framework — entity’s decision process.

CAQ issues publication on revenue for audit committees

Dec 13, 2016

The Center for Audit Quality (CAQ) has released a publication, “Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees.”

Real Estate — Accounting and Financial Reporting Update (2016)

Dec 02, 2016

The ninth edition of our annual update highlights selected accounting and reporting developments that may be of interest to real estate entities. Among other topics, the publication discusses the issuance of (1) new guidance on the accounting for leases and the impairment of financial instruments, (2) new guidance to clarify the classification of certain cash receipts and payments in the statement of cash flows, and (3) refinements to the FASB’s new guidance on the recognition of revenue from contracts with customers.

AICPA issues revenue working drafts for airline and gaming industries

Dec 02, 2016

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 the airlines industry and three working drafts for the gaming industry.

TRG discusses implementation of new revenue standard

Nov 11, 2016

At its November 7, 2016, meeting, the FASB’s revenue transition resource group (TRG) discussed potential issues related to implementing the new revenue standard.

TRG Snapshot — Meeting on revenue: November 2016

Nov 11, 2016

This TRG Snapshot summarizes the November 7, 2016, meeting of the transition resource group (TRG) on revenue recognition.

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