Thomson Reuters Offers Resources on New Rev Rec Standards

Thomson Reuters released a special report, An Overview of the Revised Accounting Model for Revenue Recognition, and announced a new online product to provide useful insights on the new revenue recognition standards.

Following the Financial Accounting Standards Board and the International Accounting Standards Board releasing their long-awaited converged standard on revenue recognition May 28, these resources aim to provide an overview of the update while examining its objectives and scope.

The report 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.

The new online product, GAAP Critical Issues Series — Revenue Recognition, provides coverage on implementing the standard at an industry-specific level with key information, illustration, examples and expert observations. It will be available on Checkpoint later in June.

“While revenue recognition has always been a complicated area, it is currently undergoing fundamental changes in the wake of the new revenue recognition standard,” stated Anne-Lise Vivier, accounting publications managing editor in the Tax & Accounting business of Thomson Reuters. “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, Aug. 5, and Sept. 23.

The special report is available for free download here, and more information on the GAAP Critical Issues Series can be accessed here.