The long-awaited final standard from the FASB and IASB’s revenue recognition convergence project was issued on May 28, 2014. You can download ASU 2014-09 Revenue from Contracts with Customers (Topic 606) from this page on the FASB website: http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176156316498 .
The standards are touted as being converged, and all who have followed the project for years know what a challenge that was. Now the process of implementation must begin. The Boards have established a joint transition group, in part to ensure a smooth transition, and in part to try to effect consistent application – a key to successful convergence.
To help you start learning and planning, we have scheduled a one-hour briefing, Revenue Recognition Revolution is Here: Highlights of the New Standard and What to do Now, on June 11, 2014 at 10:30 a.m E.D.T. The briefing, which will be a webcast, will be led by Carol Stacey and George Wilson and will provide you with an overview of the standard, as well as get you started on the path to implementation. You can register at:
For an in-depth dive into the new revenue recognition standard, you can also attend one of our upcoming workshops, held in several different locations:
Implementing the FASB/IASB New Revenue Recognition Standard Workshop 2014
June 18-19 in New York City
June 25-26 in San Francisco
August 21-22 in Dallas
September 15-16 in Las Vegas
We hope you can join us!