Revenue Recognition: Mastering the New FASB Requirements

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Revenue Recognition: Mastering the New FASB Requirements

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For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, there is FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this work will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You will gain an in-depth understanding of the revenue recognition framework that is built around the core principles of this new five-step process. In addition, you will gain a better understanding of the changes in disclosure requirements.

Key topics covered include:
- Background, purpose, and main provisions of new standard (FASB ASC 606)
- Transition guidance
- Five-step process for recognizing revenue
- Disclosure requirements
- Implementation guidance — contracts, tax matters, internal controls, IT
Chapter 1 1-1

Revenue Recognition –The Need for Change 1-1

Chapter 2 2-1

Identifying The Contract With a Customer 2-1

Chapter 3 3-1

Identifying The Performance Obligations in the Contract 3-1

Chapter 4 4-1

Determining the Transaction Price 4-1

Chapter 5 5-1

Allocating the Transaction Price to the Performance Obligations in the Contract 5-1

Chapter 6 6-1

Recognizing Revenue When a Performance Obligation Has been Satisfied 6-1

Chapter 7 7-1

Special Considerations Under FASB ASC 606 7-1

Chapter 8 8-1

Presentation and Disclosure Requirements Under FASB ASC 606 8-1

Chapter 9 9-1

Transition Guidance and Available Resources 9-1

Appendix A Chapter 9, A-1

Revenue Recognition Task Force Status of Implementation Issues Chapter 9, A-1

Chapter 10 10-1

A Comparison between IFRS and US GAAP 10-1

Glossary Glossary 1

Index Index 1

Solutions Solutions 1

Chapter 1 Solutions 1

Chapter 2 Solutions 2

Chapter 3 Solutions 6

Chapter 4 Solutions 9

Chapter 5 Solutions 14

Chapter 6 Solutions 17

Chapter 7 Solutions 21

Chapter 8 Solutions 23

Chapter 9 Solutions 25

Chapter 10 Solutions 27
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