While everyone is focusing on tax reform, a topic that should not be overlooked is the financial statement impact of the new revenue recognition standard ASC 606 Revenue from Contracts with Customers.

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of ...

ARLINGTON, Va., June 19, 2018 /PRNewswire/ -- Bloomberg Tax today announced a new SaaS technology solution supporting the ASC 606 revenue recognition standard. Leveraging software on its Advantage TM ...

Surprise! On April 8 th, FASB delayed for one year the implementation of the new ASC 606 revenue recognition standards for private companies,[1] citing the coronavirus pandemic. In addition to ...

Revenue recognition has always represented a challenge for the construction sector. This basic accounting principle defines the how and when a business addresses income it earns through contracted ...

The new revenue recognition standard and the explosion in online sales are prompting some retailers to change the time at which e-commerce revenue is recognized from customer delivery to shipping ...

Last month a very strange thing happened — Oracle announced its quarterly earnings, then re-announced them a day later, with a half a billion dollars missing from the top line. Wall Street had a ...

New accounting rules known as ASC 606 (PDF), adopted by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board, are designed to allow investors to better ...

In 2016, the Financial Accounting Standards Board (FASB) released a new standard, ASC 606 - Revenue from Contracts with Customers. The new standard is effective for Dec. 31, 2019, financial statements ...

Revenue-recognition rules that will change the way many companies book and record their sales are proving to be even more difficult for health-care companies already working to adjust to changing ...