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Revenue Recognition Resource Center
Challenges and opportunities for companies adjusting to ASC 606 regulation requirements
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 was required byJanuary 1, 2018 and is required 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.
An overview of the new guidance in ASC 606 (as amended) and highlights of the fundamental changes ASC 606 will bring.
Franchisors are in for major changes in the way they recognize revenues. Learn more about the new standards and how to address them.
A recent ASU addresses the accounting by a private-company franchisor for certain pre-opening services provided to a franchisee.
The OECD’s guidance illustrates how the pandemic may impact arm’s length results, including lower profits and even losses.
A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
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