Transcription of Financial Reporting Brief: Roadmap to Understanding the ...
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Financial Reporting Brief: Roadmap to Understanding the ...
September2016 Financial Reporting CenterFinancial Reporting Brief: Roadmap to Understanding the New Revenue Recognition Standards In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers. FASB and the IASB have basically achieved convergence with these standards, with only some minor differences that will be discussed later in this ASU No. 2014-09 will amend FASB Accounting Standards Codification (ASC) by creating Topic 606, Revenue from Contracts with Customers and Subtopic 340-40, Other Assets and Deferred Costs Contracts with Customers. The FASB also issued the following amendments to ASU No. 2014-09 to provide clarification on the guidance: ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date ASU No.
The contract has commercial substance (that is, the risk, timing, or amount of the entity’s future cash flows is expected to change as a result of the contract). e. It is probable that the entity will collect substantially all of the consideration to which it will be entitled in exchange for
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