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- Overview of the revised accounting model for revenue recognition
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.