Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Pushback on Revenue recognition draft – topic 605

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Article from CFO magazine, One Size Gives Fits to All addresses the exposure draft on revenue recognition.  As expected, pushback against the exposure draft is building. See my post for a bit of background on the draft.

Concerns expressed in the article include the complexity, such as 4 pages of disclosure requirements in the draft.  Other people expressed concern about the impact of new treatment of exclusive licensing agreements, which would be recognized as revenue over the life of the contract.  Also mentioned is that this would replace an extremely large volume of specific rules spread all of the ASC.

Just checked the FASB web site which lists second quarter 2011 as the target for the final rule.

Update:  Some background here.

Written by Jim Ulvog

October 13, 2010, 10:40 am at 10:40 am

Posted in Accounting

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  1. […] Pushback on revenue recognition draft – topic 605 […]

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