On September 21, 2020, the Financial Accounting Standards Board (“FASB”) announced a proposed Accounting Standards Update (“ASU”), that if enacted, would provide a “practical expedient”, simplifying ...

Public companies have less than five months to get up to speed with a new way of reporting revenue. On Jan. 1, ASC Topic 606, Revenue from Contracts with Customers, takes effect for publicly traded ...

The Financial Accounting Standards Board (FASB), which sets U.S. GAAP standards, has clarified key language around its new revenue-recognition guidelines. Until a November 29 meeting, there were ...

FASB’s new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard ...

The revenue recognition standard that takes effect in December for public companies could pose challenges for technology businesses, particularly those relying on traditional subscription licenses, ...

Revenue recognition has always represented a challenge for the construction sector. This basic accounting principle defines the how and when a business addresses income it earns through contracted ...

While everyone is focusing on tax reform, a topic that should not be overlooked is the financial statement impact of the new revenue recognition standard ASC 606 Revenue from Contracts with Customers.

Last month a very strange thing happened — Oracle announced its quarterly earnings, then re-announced them a day later, with a half a billion dollars missing from the top line. Wall Street had a ...