Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘revenue recognition

Some background articles on the new Revenue Recognition rule – ASU 14-09

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Here are a few of the earliest articles I’ve seen to give some orientation to what is involved in applying the new guidance for revenue recognition:

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Written by Jim Ulvog

June 9, 2014, 6:29 am at 6:29 am

Posted in Accounting

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What improvements will we see from the revenue recognition project? What is the cost? Topic 605

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Ponder this:

what will a new revenue recognition standard accomplish to improve financial reporting? And at what cost?

Those are Tom Selling’s questions in his post, Revenue Recognition Sure Isn’t Perfect – But Convergence will be much Worse.

What cost?

As to the cost question, I expect it would be very high. The disruption to preparers, confusion for report users, and increased time for auditors would be big.

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Written by Jim Ulvog

September 4, 2012, 7:17 am at 7:17 am

Posted in Accounting

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Survey of major accounting issues on the horizon

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Prof. William F. O’Brien, CPA, has a great survey of the major accounting issues in our future and some suggestions on how to absorb the change that is on the way.  His article, Surf’s Up! Wave of Financial Reporting is Coming, is in the January/February edition of California CPA magazine.

Major issues he describes are:

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Written by Jim Ulvog

January 10, 2012, 7:33 am at 7:33 am

Posted in Accounting

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AICPA interview with FASB chair on revenue recognition – how that illustrates the issue with IFRS too

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Journal of Accountancy has started a five-part interview with FASB Chairman Leslie Seidman discussing the revenue recognition exposure draft.  First part can be found here.

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Written by Jim Ulvog

March 28, 2011, 11:55 am at 11:55 am

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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. Read the rest of this entry »

Written by Jim Ulvog

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

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Revenue Recognition exposure draft – Topic 605

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FASB has an exposure draft out on revenue recognition.  This post is a ‘heads up’, not an overall summary.  This will be a fairly substantive rule, so if you haven’t heard about it, might be good to take a look.  The document has a great summary on the first five pages of the introduction. Read the rest of this entry »

Written by Jim Ulvog

October 13, 2010, 9:26 am at 9:26 am

Posted in Accounting

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