About that new FASB revenue recognition standard . . .
This morning, I made a short presentation on the new FASB-IASB revenue recognition standard, Revenue From Contracts With Customers, now at FASB Codification Topic 606. The slides appear below this post.
At the moment, Topic 606 will be effective for public company year ends beginning on or after January 1, 2017. We’ll see whether this effective date holds. Either way, a deeper dive on the new standard is available from three sources:
(a) Lexus Nexis Complexus: Comparative Contract Law and International Accounting Collide in the IASB-FASB Revenue Recognition Exposure Draft, co-authored by Gerlinde Berger-Walliser, Pier Luigi Marchini, and yours truly, now available online at the Vanderbilt Journal of Transnational Law;
(b) BNA’s Special Report, Navigating the New Road to Revenue Recognition by Lisa Starczewski; and
(c) FASB’s own Topic 606. It’s definitely not user-friendly — except, perhaps, to creative plaintiff’s counsel — but it’s big and it’s threatening.