- FASB issued an accounting standard significantly changing how financial institutions report credit losses: ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326).
- New accounting standards mean taxpayers in a variety of industries will face significant changes in how their revenue is recognized.
- In this article we examine the final element, recognizing revenue as the entity satisfies the performance obligations.
- The AICPA Brokers and Dealers in Securities Revenue Recognition Task Force recently released a listing of nine potential ASC 606 revenue recognition implementation issues.
- ASC 606 - allocating the transaction price: the entity will recognize revenue for each performance obligation in the amount expected to receive in exchange for the promised goods or services.
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