Revenue Recognition

The Financial Accounting Standards Board’s (FASB) accounting standard on revenue recognition, FASB ASU No. 2014-09, eliminates the transaction- and industry-specific guidance under current U.S. GAAP and replaces it with a principles-based approach. The guidance is already in effect for public companies (including certain NFPs and EBPs). With the issuance of FASB ASU No. 2020-05: Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, other entities that have not yet issued financial statements or made financial statements available for issuance as of June 3, 2020 may elect to defer the effective date to be 2020 for annual reporting periods and in 2021 for interim periods. Those entities may also elect to follow the original effective date of annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The resources below can help your firm and clients be ready.

Other Resources

Webcasts and CPE courses available or coming soon.

Opportunities with CPE:

Archived webcasts (free, no CPE available):

Subsequent ASUs and FASB Staff Papers

Subsequent to the release of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), FASB issued the following related accounting standard updates and staff papers: