An overview of the revised accounting model for revenue recognition
After years of deliberations regarding the appropriate treatment for revenue, the FASB issued the landmark Accounting Standards Update (ASU) 2014-09, Revenue From Contracts With Customers (Topic 606), which introduces a new model to recognize revenue. This ASU presents significant changes — changes that required clarification in a number of areas as implementation issues arose.
With a complex road to implementation ahead, it’s important that companies develop an in-depth understanding of all that the new revenue recognition standard entails. This special report provides an overview of the new model and its effects on companies.