The AICPA has developed the following new resources for understanding and implementing the new ASU.
Financial Reporting Brief: Tax Effects of ASU 2014-09
This Financial Reporting Brief acknowledges that this standard will have a large impact on the financial reporting standards of almost every company (public, private, and not-for-profit). But, what tax consequences could also result? The brief examines this question.
Financial Reporting Brief: Roadmap to Understanding the New Revenue Recognition Standards
The Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606 (revenue recognition standard), to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, and provides reference to applicable examples in the implementation guidance.
New Revenue Recognition Accounting Standard—Learning and Implementation Plan
Use this roadmap to ensure that your company as well as its management team and staff do the following:
- Understand the changes to current GAAP based on FASB ASU 2014-09, Revenue from Contracts with Customers
- Understand transition and retrospective adoption of the revenue recognition standard, and determine how your company will adopt the new guidance
- Find resources to help train your professional staff to ensure effective and efficient implementation of the revenue recognition standard
- Educate users about the changes they can expect in your company’s financial statements
Brief: Revenue Recognition Primer for Audit Committees
Because the revenue recognition standard will eliminate the transaction- and industry-specific revenue recognition guidance included in current GAAP and replace it with a principle-based approach, it is important for audit committees to gain an understanding of the standard and how it may impact the entity’s revenue recognition. This document will assist audit committees in ensuring the entity is prepared to adopt the standard.