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Revenue Recognition Principle. U.S. GAAP Codification Topic 600: Revenue Revenues are recognized when (a) realized or realizable and (b) earned. [SFAC No. 5, Para. 83] Revenues --> not recognized until realized or realizable. --> not recognized until earned. Revenues are realized --> when products are exchanged
The new standard will significantly affect the current revenue recognition practices of many companies, particularly those that follow industry-specific guidance under US GAAP. We expect the Aerospace & Defense, Automotive, Communications, Engineering & Construction, Entertainment & Media, Pharmaceuticals & Life
On August 12, 2015, the FASB issued an Accounting Standards Update (ASU) deferring the effective date of the new revenue recognition standard by one year. Based on the Board's decision, public organizations* should apply the new revenue standard to annual reporting periods beginning after December 15, 2017.
The FASB's new guidelines for revenue recognition introduce sweeping changes to current GAAP accounting rules. For companies that operate globally, this can be challenging, because a “legally enforceable contract” in China or India may mean something different than in, say, Germany, the United States, or South

ASC 605, Revenue Recognition, provides guidance for transaction-specific revenue recognition and certain matters related to revenue-generating activities, such as the sale of products, the rendering of services, and the gain or loss on involuntary conversions of nonmonetary assets to monetary assets, that are not
ASU 2014-09 takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. BDO has established this resource center specific to U.S.
29 Sep 2016 recognition guidance, including the multiple-element arrangements guidance in ASC 605-25. See our. Financial reporting developments (FRD), Revenue from contracts with customers (ASC 606) for additional guidance on the new revenue standard. Under US GAAP, the standard is effective for public
The standard, issued as ASU 2014-09 (codified in ASC 606) by the FASB and as IFRS 15, Revenue From Contracts With Customers, by the IASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance,
adopting, IFRS preparers and US GAAP public entities, as defined, will need to apply the standards beginning in 2018 (see Section 1.2). Following issuance of the standards, the Boards created the Joint Transition. Resource Group for Revenue Recognition (TRG) to help them determine whether more application guidance