Bloomberg BNA has released two new reports on the Financial Accounting Standards Board’s and the International Accounting Standards Board’s revenue recognition standard.

The two Accounting Policy & Practice Portfolios, "The New Revenue Standard – Analysis & Application I" and "The New Revenue Standard – Analysis & Application II," were written by Stephen Rivera of Johnson & Johnson and Lisa Starczewski of the law firm Buchanan Ingersoll & Rooney, PC. 

They offer advice with on assessment and implementation, based on the experiences of companies that began tackling the standard over a year ago.

“This new standard is having a major impact on companies and these Portfolios will provide practitioners with a roadmap for assessing and implementing it with clarity and confidence,” Rivera and Starczewski wrote. “With no precedent for the new standard, companies will greatly benefit from the in-depth guidance and insights provided by these Portfolios, especially given their compressed implementation time frame.”

The Portfolios analyze the new rules along with the ongoing efforts of FASB and the IASB’s joint Transition Resource Group to clarify issues involving the new standard.

The Portfolios are available to subscribers of the Bloomberg BNA Financial Accounting Resource Center.