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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:

Highlights from the FASB’s June 21 meeting

Jun 23, 2017

At its June 21, 2017, meeting, the FASB discussed its projects on (1) leases, (2) revenue recognition, (3) recognition and measurement of financial instruments, (4) consolidation, and (5) disclosure review — inventory.

Journal entry — FASB makes tentative decisions on technical corrections and improvements to new leases standard and discusses revenue/leases transition issue

Jun 22, 2017

At its June 21, 2017, Board meeting, the FASB discussed 16 proposed technical corrections and improvements to its new leases standard (ASU 2016-02), as well as a lessor-specific transition issue related to the interaction between the adoption of the new leases standard and the new revenue standard (ASU 2014-09).

AICPA issues 12 revenue working drafts

Jun 06, 2017

The AICPA’s revenue recognition task forces have released for public comment 12 working drafts on accounting issues associated with the implementation of the new revenue standard for asset management, engineering and construction, gaming, health care, hospitality, and software entities.

Heads Up — Implementing the new revenue standard — How do your disclosures stack up?

Jun 05, 2017

This Heads Up discusses observations from our review of the SAB 74 disclosures about adopting the FASB’s new revenue standard that were included in periodic SEC filings of the Fortune 1000 companies.

FASB issues guidance on service concession arrangements

May 16, 2017

The FASB has issued Accounting Standards Update (ASU) No. 2017-10, “Determining the Customer of the Operation Services — a consensus of the FASB Emerging Issues Task Force.”

Highlights from the FASB’s May 10 meeting

May 12, 2017

At its May 10, 2017, meeting, the FASB discussed its agenda prioritization as well as its projects on (1) revenue recognition, (2) leases, (3) intangibles, and (4) liabilities and equity.

Heads Up — Internal control considerations related to adoption of the new revenue recognition standard

May 09, 2017

This Heads Up discusses considerations related to a company's internal control over financial reporting in connection with its adoption of the FASB's new standard on revenue recognition.

AICPA issues revenue working draft for the telecommunications industry

May 02, 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 the telecommunications industry.

Highlights from the FASB’s April 19 meeting

Apr 21, 2017

At its April 19, 2017, meeting, the FASB discussed its projects on (1) liabilities and equity and (2) revenue recognition of grants and contracts by not-for-profit entities.

AICPA issues 11 revenue working drafts

Apr 05, 2017

The AICPA’s revenue recognition task forces have released for public comment 11 working drafts on accounting issues associated with the implementation of the new revenue standard for airlines, gaming, hospitality, and time-share entities.

Heads Up — Adopting the new revenue standard — Where do companies stand?

Apr 04, 2017

This Heads Up discusses certain considerations related to implementing the FASB’s new revenue standard, "Revenue From Contracts With Customers." The discussion compares the results of a 2016 Deloitte-sponsored survey to previously reported results from Deloitte’s 2015 survey, in which respondents were asked various questions pertaining to their readiness to adopt the standard’s provisions.

Financial Reporting Alert 17-5 — SEC reemphasizes its continued focus on the new revenue standard, including advancing ICFR

Apr 04, 2017

In a speech at the 13th Annual Life Sciences Accounting & Reporting Congress on March 21, 2017, SEC Chief Accountant Wesley Bricker reminded registrants of the importance of implementing the FASB’s new revenue standard in a timely manner and of providing the transition disclosures required by SEC Staff Accounting Bulletin (SAB) Topic 11.M (SAB 74) before adoption. Mr. Bricker also stressed the key role of internal control over financial reporting (ICFR) in the standard’s successful implementation.

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.

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