In May 2014, the Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) published their largely converged standards on revenue recognition. Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and IFRS 15 with the same title, created a new principle-based revenue recognition framework that will affect nearly every revenue-generating entity.
ASC 606 applies to all contracts that provide goods or services to customers, except for leases, insurance contracts, financial instruments, and certain guarantees and non-monetary exchanges. This standard is one of the most significant changes ever in US GAAP, which have resulted in many challenges to be considered in businesses during the implementation process.
Material and presentation will be shared with participants in English.
Topics to be discussed:
- Overview – Summary of the five steps process for recognizing revenue
- Challenges encountered during the assessment and application of the standard
- Impact of COVID 19 – Deferral of pronouncement
When: Thursday, September 24, 2020
Start time: 2:00 pm (EST)
Duration: 1.0 hour