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New Revenue Recognition Accounting Standard Learning and ...

October 2018 5 Financial Reporting Center New Revenue Recognition Accounting Standard Learning and Implementation Plan In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, and the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers. This document will focus on the guidance in ASU No. 2014-09; the AICPA Financial Reporting Brief: Roadmap to Understanding the New Revenue Recognition Standard highlights the differences between the standards issued by FASB and the IASB.

The following table provides a suggested timeline for public entities to implement the new revenue recognition standard (nonpublic entities have an additional year to adopt the new ... approach for determining revenue recognition. Per FASB ASC 606-10-05-3: ... using one of the following two methods: 1. Retrospectively to each prior reporting period

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