Revenue Recognition Resource Center
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which added Topic 606 to the FASB’s Accounting Standards Codification (ASC) and will replace almost all pre-existing revenue recognition guidance in legacy generally accepted accounting principles (GAAP) with a robust framework for addressing how an entity should account for its revenue. Implementation by calendar year-end public entities was required byJanuary 1, 2018 and is required by other calendar year-end entities no later than the year ending December 31, 2019.
This resource center provides access to high-level and detailed information about the new revenue recognition guidance.
An overview of the new guidance in ASC 606 (as amended) and highlights of the fundamental changes ASC 606 will bring.
Retail, fashion, food and beverage, and restaurant executives should ask these questions to determine the impact of ASC 606.
A white paper describing the impact of the new revenue recognition standard on federal government contractors.
A white paper about how entities in the consumer products industry may be affected by the new revenue recognition guidance in ASC 606.
A white paper about how asset managers may be affected by the new revenue recognition guidance in ASC 606 and cost guidance in ASC 340-40.
Learn how the new ASC 606 standard impacts internal control over financial reporting and accounting systems as they relate to IT auditors.
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