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Revenue recognition featured videos

VIDEO

In this series of videos, RSM’s accounting thought leaders discuss guidance in Topic 606, Revenue from Contracts with Customers, of the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC). With implementation rapidly approaching, you may find these pieces helpful to tackle this significant undertaking.  Both public and private entities should be well on their way to assessing how it will affect their revenue recognition policies and disclosures and developing an implementation plan. This is particularly true for companies that plan to elect the full retrospective transition method and companies that have multi-year contract terms with their customers.

What's changing?

This video clip discusses the big picture items that will be changing with Topic 606, Revenue from Contracts with Customers.

Background and recent activities

This section provides background on revenue recognition standards and a review of the changes since the issuance of ASU 2014-09.

Scope of Topic 606

This video explains the scope of ASC Topic 606, Revenue from Contracts with Customers, and where it applies.

Core principle and key steps

This video clip discusses the core principle of ASC Topic 606 and the five step model to applying the principle.

Step 1

Step 1

What is a customer contract? This video provides details on the first step of Topic 606 and how to identify a contract with a customer.

Step 2

Step 2

This video clip goes into Step 2 and how to identify the performance obligations in a contract with a customer.

Step 3

Step 3

What is the transaction price and how do you determine this? Learn how in Step 3 of applying the new revenue recognition standard.

Step 4

Step 4

This video clip details how to allocate the transaction price when implementing ASC Topic 606, Revenue from Contracts with Customers.

Step 5

Step 5

This video goes into the fifth and final step is recognizing revenue for Topic 606. Find out when a performance obligation is satisfied.

Other topics related to the key steps

In this video, learn how Topic 606, Revenue from Contracts with Customers, affects licenses, principal vs. agent guidance and other topics.

Contract costs

What do contract costs have to do with a revenue standard? Learn how to determine if contract costs are in the scope of Topic 606.

Presentation and disclosure

This video provides an explanation of various presentation issues as well as the disclosures that are required.

Effective date and transition

This video provides the deadlines for all entities and a description of possible transition methods for Topic 606.

Need help implementing the new revenue recognition standard?

Let the professionals at RSM help guide your company through the challenges of implementing 606.