United States

Updates to revenue recognition resources for ASU 2016-20

FINANCIAL REPORTING INSIGHTS  | 

We have updated the following resources to reflect the changes made by the Financial Accounting Standards Board to its new revenue recognition and related cost deferral guidance by Accounting Standards Update (ASU) 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers:

  • Revenue recognition: Overview of ASC 606 – An overview of the new revenue recognition guidance and highlights of the fundamental changes the new guidance will bring to accounting for revenue
  • Revenue recognition: A whole new world – A white paper with detailed discussion of the new revenue recognition guidance, including its scope, core principle, key steps, transition methods and effective dates, and highlights of the major differences between the new guidance and legacy generally accepted accounted principles
  • Revenue recognition: In motion – Information about finalized and pending changes to the new revenue recognition guidance, including the nature of those changes and their status

These resources provide the information you need to understand, and begin implementation of, the new revenue recognition guidance, the effective dates for which are discussed in detail in our article, Are you sure you know when the revenue guidance in ASC 606 is effective? Given the fast-approaching effective dates of the new guidance, entities should be well on their way to understanding and implementing the new guidance, especially those that are public entities, as well those that plan to elect the full retrospective transition method and have multi-year contract terms with their customers.

If you have questions about the new guidance or need implementation assistance, don't hesitate to contact your RSM representative.