Thomson Reuters publishes revenue recognition guide
Thomson Reuters has issued PPC’s Guide to Revenue Recognition, a new publication providing guidance to accountants and their clients on the Financial Accounting Standards Board’s new revenue recognition standard.
FASB’s new requirements are set to take effect soon, with the effective date for public companies slated for years beginning after Dec. 15, 2017 and for nonpublic companies for years beginning after Dec. 15, 2018.
PPC’s Guide to Revenue Recognition discusses FASB’s five-step approach for recognizing and measuring revenue, including examples showing each step. The guide compares and contrasts the upcoming rules with current accounting guidance. The publication also contains more than 200 real-world examples, along with flowcharts to help with analysis and decision-making, and disclosure examples. A PowerPoint slide deck template can be used for client or group presentations.
“Successful accounting firms are very proactive in helping their clients prepare for the future,” said Salim Sunderji, managing director, Checkpoint, with the Tax & Accounting business of Thomson Reuters, in a statement. “The new FASB revenue requirements promise significant reporting changes for some entities, so this is a prime opportunity for firms to meet a critical need by helping clients prepare for implementation.”
PPC’s Guide to Revenue Recognition is available online here. It’s part of PPC’s line of audit and accounting guidance and practice aids on Thomson Reuters Checkpoint.