The Financial Accounting Standards Board recently revised Revenue Recognition (Topic 605): Revenue from Contracts with Customers, its proposed Accounting Standards Update. In efforts to help tax and accounting professionals stay on top of reporting changes, CCH, a Wolters Kluwer business, released a new white paper.
The CCH white paper, A Closer Look, The FASB’s Revised Proposal on Revenue Recognition, aims to explain the scope of the proposed changes. The CCH Accounting Research Manager collaborated with Scott Taub, former Deputy Chief Accountant at the Securities and Exchange Commission, to write A Closer Look.
“Because the revised revenue proposal would basically replace virtually all the standard guidance on revenue recognition with a single model applying to all contracts with customers, it’s critical that professionals have a clear, concise source that carefully explains the proposed changes,” said Mark Friedlich, CCH Director of Publishing, Accounting and Audit. “This new white paper presents in-depth details of the revised FASB proposal in an easy-to-follow format with summary tables and timelines for quick understanding of how businesses of all sizes may be impacted.”
The goal of ARM is to help professionals understand and comply with changes to accounting, auditing, governmental, SEC and internal controls standards. The ARM database contains up-to-date coverage of current developments, numerous interpretations and access to all source content.
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