The FASB and IASB issued Revenue from contracts with customers, 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.
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
Entertainment and media companies are facing many different challenges as they determine how to implement the new revenue standard. In this webcast, we’ll share our insights on the latest developments related to the standard and potentially impacting your implementation efforts.
In this webcast our panel will discuss specific impacts the new revenue recognition standard will have on the communications sector, including inherent challenges in implementing the standard in the current environment, practical considerations as communication companies move toward implementation, and more.
PwC supports the FASB and IASB’s efforts to respond to concerns raised by constituents about the revenue standard.
TRG discusses optional purchases, licenses, and other topics.
PwC and Financial Executives Research Foundation (FERF) released the results of a joint survey on revenue recognition implementation, capturing executives’ perspectives on considerations for companies implementing the new standard.
In this webcast, we share the results of our recent revenue recognition survey with FERF and share PwC’s point of view on revenue recognition implementation efforts. Watch a replay or participate in the on demand (CPE-eligible) version of this webcast.
PwC supports the FASB and IASB’s efforts to clarify the principal versus agent guidance in the new revenue standard.
Companies must assess their business processes, data, systems and internal controls to determine whether they can capture and report the information needed to comply with the new standard.
The FASB has proposed additional practical expedients and further amendments to the new revenue standard.
PwC's Paul Feetham provides an update on the new revenue standard and the impact of the one year deferral.