While everyone is focusing on tax reform, a topic that should not be overlooked is the financial statement impact of the new revenue recognition standard ASC 606 Revenue from Contracts with Customers.

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of ...

FASB’s new revenue recognition standard is presenting challenges for financial statement preparers as well as auditors as public companies race toward implementation at the beginning of 2018. A new ...

Last month a very strange thing happened — Oracle announced its quarterly earnings, then re-announced them a day later, with a half a billion dollars missing from the top line. Wall Street had a ...

I recently wrote a blog on considerations for MD&A disclosures on adoption of the new revenue recognition standard. After learning a few Form 10-Qs had been filed by early adopters, I took a look to ...

Revenue recognition has always represented a challenge for the construction sector. This basic accounting principle defines the how and when a business addresses income it earns through contracted ...

The overwhelming majority of U.S.-based public companies are choosing the less onerous – but riskier – of two possible methods for complying with the transformative new accounting rules for ...

The new revenue recognition standards issued jointly by the Financial Accounting Standards Board and the International Accounting Standards Board have been a long time in the making, and merging U.S.

Workday is betting that a new revenue recognition standard to be adopted over the next year or so will be a catalyst to highlight financial systems based in the cloud. When Workday reported its fourth ...