Bloomberg BNA has released “Navigating the New Road to Revenue Recognition,” a detailed overview of the new revenue recognition standard, along with guidance on how companies can prepare for its application. 

Last week, the Financial Accounting Standards Board and the International Accounting Standards Board released a converged standard on revenue recognition.  The new report has been made available to all subscribers to the Bloomberg BNA Financial Accounting Resource Center, the Accounting Policy & Practice Report, and Bloomberg Law and is available for download.

The report contains a detailed discussion of the new standard and provides practical suggestions and commentary on how companies should analyze the new standard and assess its impact.  It goes beyond the language of the standard and focuses on the boards’ intention in issuing this new guidance. 

“It is clear that the standard will have wide-ranging implications for both corporations and the larger accounting profession, requiring significant analysis and implementation,” said report author Lisa Starczewski, special consultant to Bloomberg BNA and senior tax counsel at Buchanan Ingersoll Rooney PC.  “Additionally because the new standard is contract-based and will potentially have significant impacts on corporate revenue, it will also be essential for corporate and tax attorneys to have a deep understanding of the new principles and their impact.  This special report can serve as a strong starting point for developing that insight.”

The findings of the report will be previewed in a webinar, “The Final Revenue Recognition Standard: What You Need to Know Now” on Monday, June 9 at 12:30 PM Eastern Time in conjunction with Financial Executives International. Registration for the webinar is available here.

“This new report, released just a week after the sweeping guidance was issued, is another example of the highly detailed, thoughtful and timely analysis that Bloomberg BNA is known for in tax and accounting,” said Bloomberg BNA Tax & Accounting executive editor George Farrah.  “This special report is the first in a series of publications that we have planned in the coming months that address issues of the foremost importance to tax and accounting professionals.”

The Accounting Policy & Practice Report provides financial accounting practitioners and advisors with unparalleled news reports and experts' insights and guidance on emerging, evolving, and complex issues. It is combined with regularly issued special reports that provide expanded coverage on important issues. The publication is available in electronic and print form and is part of the Financial Accounting Resource Center.