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ASC 606/IFRS 15: The Definitive Guide to New Revenue Recognition Rules

 

ASC 606/IFRS 15: The Definitive Guide to New Revenue Recognition Rules

ASC 606/IFRS 15: The Definitive Guide to New Revenue Recognition Rules

In what has been described as one of the largest changes to GAAP in the past decade, 2014 marked a year in which the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) sought to bring consistency across industries, enhance disclosure, and provide simplicity for those preparing and relying on financial statements.

However, for financial accounting professionals, the new, consolidated contract revenue recognition standards—set to replace over 200 specialized and/or industry specific revenue recognition requirements under US GAAP—will mean that while the long-term future may hold easier, more consistent standards, the changes that need to be made in the short term are immense and complex.

Looking at the new standard, Wipfli LLP seeks to provide readers with some perspective on the changes and some of the best practices to prepare for FASB ASC 606 and IASB IFRS 15. Fill out the form to download "ASC 606/IFRS 15: The Definitive Guide to New Revenue Recognition Rules".

Please fill out the information below to download the guide.