Beyond the Bottom Line s new revenue standard (ASC 606) in the first quarter of A Roadmap to Applying the New Revenue Recognition Standard.

At the November 7, 2016, meeting of the FASB’s transition resource group (TRG) for revenue recognition, the FASB staf clarified that although a tabular reconciliation is not required under ASC …

Overview of ASC 606 Goals of the new standard Convergence of revenue recognition principles under U.S. GAAP and IFRS Improve revenue recognition requirements and disclosures

The FASB also aligned sale-leaseback accounting with the underlying principles in the new revenue recognition standard. Under the new leases guidance, the seller-lessee in a sale-leaseback …

The ASU also adds implementation guidance to ASC 606 to help entities determine whether collectibility is probable under step 1 of the new revenue standard (i.e., under ASC 606-10-25-1(e)).

FASB Accounting Standards Codification (ASC) Topic 606, Revenue From Contracts With Customers.

These contracts will not meet the criteria in ASC 606 for recognizing revenue over time. As a result, we will be required to recognize revenue from those contracts later under ASC 606 than we did under …

The staffs concluded that View A is the only view supported under the new revenue standard because they believed that ASC 606-10-32-41 (paragraph 86 of IFRS 15) establishes a hierarchy that …

Feedback from stakeholders cited operational challenges with applying the new leasing guidance without such an expedient. Stakeholders noted that although lessors are not within the scope of ASC …

Entities should consider the standard’s overall disaggregation principle in ASC 606-10-50-2.2 The guidance in ASC 606-10-50-2 prescribes neither methods of aggregation or disaggregation nor the …