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Narrow Scope Improvements Proposed to Revenue Recognition Guidance

Six proposed, small-scale changes have been added to the list of updates to ASU 2014-09, Revenue from Contract with Customers (Topic 606). The exposure draft of the changes, released by the Financial Accounting Standards Board (FASB), does not materially change the five-step process for revenue recognition put in place by ASU 2014-09.

Top Revenue Recognition Considerations for the Construction Industry

The new revenue recognition standard has been issued, and as the Financial Accounting Standards Board (FASB) finalizes implementation guidance, your company should prepare for the effect the standard will have on accounting and reporting revenue under construction contracts.

Principal Versus Agent Changes Proposed to Revenue Recognition Standard

The determination of whether an entity is performing as a principal or agent is a challenge under current revenue recognition guidance. The initial release of the FASB's Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) did not notably clarify the rules.

Effective Date of Revenue Recognition Officially Delayed

You have one more year to get ready for the new revenue recognition standards. The Financial Accounting Standards Board (FASB) recently issued a one-year deferral of Accounting Standards Update 2014-09, Revenue from Contracts with Customers.

Will Revenue Recognition Changes Signal the End of Customer Loyalty Programs?

Impending accounting changes may mean more businesses decide to reconsider their customer loyalty programs.

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