Revenue Recognition

The model for revenue recognition is changing with the Financial Accounting Standards Board’s (FASB) May 28, 2014, release of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU eliminates most of the existing industry-specific guidance and significantly expands revenue recognition disclosures. More than 600 pieces of current revenue recognition guidance are replaced with an overriding principle and a five-step model. The standard requires entities to make more estimates and use more judgment than under current guidance.

The table below illustrates the new effective dates for entities with December 31 year-ends.

FASB Three-Part Video Series

Jerry Henderson

National Practice Leader
Manufacturing & Distribution
502.581.0435

Donald Hutson Jr

National Practice Leader
Financial Services
314.231.5544

Tondeé Lutterman

National Practice Leader
Not-for-Profit & Government
816.221.6300

Eddie Marmouget

National Practice Leader
Health Care
417.865.8701

Tim Wilson

National Practice Leader
Construction & Real Estate
816.221.6300
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