Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.
The report, An Overview of the Revised Accounting Model for Revenue Recognition, provides insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms. It offers an overview of the accounting standards update, examining its objectives and scope. It analyzes the update’s recognition and measurement guidelines, contract costs, effective dates, and transition methods, organizing content according to the five-step revenue recognition process set by the standard.
Thomson Reuters is also launching the GAAP Critical Issues Series — Revenue Recognition, a new online product that explains in detail on how to implement the new standard at an industry-specific level. The series highlights key information and includes illustrations, examples, and expert observations. It will be available on Thomson Reuters’ Checkpoint online research service later this month.
“While revenue recognition has always been a complicated area, it is currently undergoing fundamental changes in the wake of the new revenue recognition standard,” said Anne-Lise Vivier, accounting publications managing editor in the Tax & Accounting business of Thomson Reuters, in a statement. “With our special report and GAAP Critical Issues Series, users will find accurate analysis and in-depth guidance to help them better navigate these complex changes.”
A related Checkpoint Learning webinar, Revenue Recognition — Current Issues and Future Considerations, is scheduled on June 6, July 15, August 5, and September 23. The webinar will review the financial reporting rules associated with revenue recognition as a framework within which to consider specific revenue recognition issues, in addition to addressing key auditing considerations. Attendees will receive two CPE credits. To register, visit tax.thomsonreuters.com/RevRec.