Revenue Recognition Resource Center
Information about the new guidance in ASC 606
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 must occur no later than January 1, 2018 and 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. Check back often as additional information will be added in the near future.
An overview of the new guidance in ASC 606 (as amended) and highlights of the fundamental changes ASC 606 will bring to accounting for revenue
A white paper that details new guidance in ASC 606, including scope, core principle, key steps, transition methods and effective dates.
A recorded webcast about the new guidance in ASC 606 and the changes it will bring about
A summary of the new principal vs. agent (i.e., gross vs.net) guidance in ASC 606 and how it differs from legacy GAAP
A white paper about how entities in the technology industry may be affected by the new guidance in ASC 606
A summary of how providers of business and professional services may be affected by the new guidance in ASC 606
A summary of how financial institutions may be affected by the new revenue recognition guidance.
Information about finalized and pending changes to the new guidance in ASC 606, including the nature of those changes and their status
Even though the tax rules have not changed, a change in book recognition could create a change in the tax method of accounting.
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