Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue. It covers the new authoritative literature related to revenue recognition that became effective in the past few years. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature.
This book explains the framework and principles underlying the new guidance. It also includes discussion of implementation issues that have arisen as companies, auditors, regulators, and others have worked to understand and prepare to implement the new standard. Many of these issues have been discussed by the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG), which the two Boards set up when the new standard was issued in order to provide a forum for a group of experts to discuss implementation issues. This edition of the Revenue Recognition Guide incorporates changes in accounting literature and interpretive developments through press time.
This edition provides comprehensive discussion of the new authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. As public companies adopted the new standard in 2018, the book includes excerpts from public filings illustrating many of the principles of the new standards.
How Is This Guide Organized?
Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions.
Objectives and Framework
Application to Common Arrangements
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|Contributors||Scott A. Taub|