GAAPDynamics uses a practical example to break down step 1 of the new revenue standard

GAAPDynamics, an accounting training startup, published a recent GAAPology post which breaks down step 1 of the new revenue standard.

The post walks through a practical example comparing step 1 (Identify the contract(s) with a customer) of the new standard to the persuasive evidence of arrangement criterion of revenue recognition from the existing guidance.

The Argon Advisors releases The Rundown on Monday's TRGRR meeting

The Argon Advisors, an accounting consulting firm dedicated to helping technology firms prepare for and implement the new revenue standard (and a partner firm of Beech Valley Solutions), released its inaugral edition of The Rundown to summarize the top takeaways from the Transition Resources Group on Revenue Recognition's (TRGRR) November 9, 2015 meeting.

The Rundown provides discussion around the following topics from Monday's meeting:

  • Licenses - Renewals, Restrictions, and Options
  • Accounting for Additional Goods and Services and Termination Penalties
  • Pre-Production Activities
  • Fixed Odds Wagering Contracts

PwC to offer a 1 hour technical update webcast (1 CPE credit) on readiness considerations for the communications industry

The free webcast will air on December 3, 2015 from 3-4 PM Eastern and will be hosted by Stephanie Kane, PwC's Assurance Leader for the Entertainment and Media industry group.

CLICK HERE to register for the upcoming webcast.

Remember that E&Y offers a 1-hour webcast from 2-3:30 PM on the same day.

E&Y to offer 3-part webcast series on new revenue standard

E&Y will offer three 90-minute webcasts covering the new revenue standard over the next couple of months.  Click here to register for part one of the webcast series.

Each of the three parts will offer 1.5 CPE credits and will cover the following topics:

Part 1 - November 11, 2015, 2PM Eastern

  • Key implications and requirements of Identifying the Contract(s) with a Customer (Step 1) and Identifying the Performance Obligations in the Contract (Step 2) of the new revenue model
  • Key requirements included within the implementation guidance on warranties
  • Transition methods, including additional considerations that public companies may want to evaluate when selecting their transition method

Part 2 - December 3, 2015, 2PM Eastern

  • Determining the Transaction Price (Step 3)
  • Allocating the Transaction Price to the Performance Obligations in the Contract (Step 4)

Part 3 - December 16, 2015, 2PM Eastern

  • Key implications and requirements of Recognizing Revenue When (or As) the Entity Satisfies a Performance Obligation (Step 5) of the new revenue model
  • Key requirements included within the implementation guidance on licenses of intellectual property, including illustrative examples highlighting areas where questions have been raised
  • Presentation and disclosure requirements, highlighting areas that may require significant amounts of data and/or judgments by management

For a comprehensive listing of free revenue-related CPE offered by the national firms, refer to our dedicated CPE page.

Accounting Today: Most companies unprepared for revenue recognition standard

In a recent article published by Accounting Today, 78% of financial executives polled have not yet begun to quantify the impact the new guidance will have on their company according to a recent study. 

Dusty Stallings, capital markets and accounting advisory services partner at PwC, stated that “this is arguably the biggest accounting change to happen in over a decade”, and Accounting Today described the current lack of industry-wide preparation as "alarming".

The report recommends companies begin assessing their data, systems, and internal control immediately to determine whether they'll have access to the data necessary to comply with the new standard.