The FASB and IASB issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance.
Identifying performance obligations is the second step in the new revenue model. Listen in to hear how to take that one small step, in what’s going to be a giant leap of implementation. Hear PwC’s Michele Marino define what a performance obligation is, the criteria for determining whether goods or services in a contract should be accounted for separately or as a group, and share an example of applying the guidance.
Our global accounting and financial reporting guide describes the accounting for revenue from contracts with customers under the converged U.S GAAP and IFRS revenue standard (ASC 606) issued in May 2014. It has been prepared to support entities as they identify the implications of the new revenue recognition standard, evaluate its impact (on business strategies, processes, systems, controls, financial statement recognition and required disclosures) and prepare for implementation. Read more
The FASB and IASB have released their converged revenue recognition standard, Revenue from contracts with customers (ASC 606). PwC provides details on the new revenue accounting standard and the business implications for companies and industries on all revenue transactions as they prepare for implementation of the new standard.
PwC describes in detail the financial statement presentation and disclosure requirements of common balance sheet and income statement accounts.
Read PwC’s latest update on the new revenue standard following the Nov 7th TRG meeting
Explore company readiness and remaining challenges. See how you compare.
In this recorded webcast, we share the results of our updated revenue recognition survey conducted with the Financial Executives Research Foundation (FERF).
Want an easy way to stay current on standard setting? Listen now for a third quarter update.
PwC generally supports the FASB efforts to respond to concerns raised by constituents about the new revenue standard.
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.
This edition reflects updates to certain sections.
Identifying performance obligations is the second step in the new revenue model. Listen in to hear how to take that one small step, in what’s going to be a giant leap of implementation.