**Just Announced** FASB to meet Wednesday, February 10 on Narrow Scope Improvements #RevRec

The FASB announced today a meeting will be held on February 10, 2016 at 9 AM EST on Narrow Scope Improvements.  The meeting can be observed live via webcast or in person.  Attending in person requires registration at the FASB website.

Per the FASB website:

The Board will redeliberate changes proposed in its September 2015 Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, in light of stakeholder feedback received. The Board also will discuss whether to add a practical expedient to the disclosure requirement for remaining performance obligations in Topic 606.

Topics covered in the proposed ASU include the following:

  • Assessing the collectibility criterion
  • Presentation of sales taxes and other similar taxes collected from customers
  • Noncash consideration
  • Contract modifications at Transition
  • Completed contracts at Transition

CLICK HERE to view the proposed ASU.

 

Upcoming FASB Meeting 12/16: Principle versus Agent Considerations (Gross vs Net Recognition) #RevRec

Refer to the FASB upcoming meetings page to register for the video conference. The meeting will be held Wednesday 12/16 at 8:00 AM EST.

The FASB will redeliberate changes proposed in its August 2015 Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), in light of stakeholder feedback received. 

These redeliberations will be conducted jointly with the IASB as it redeliberates the proposed amendments to principal versus agent considerations in its Exposure Draft, Clarifications to IFRS 15.

Free webinar this Thursday, 12 PM Eastern: Revenue Recognition Update for the Technology Industry #RevRec

Mayer Hoffman McCann PC will offer a free webinar this Thursday, December 10, at 12 PM Eastern (eligible for 1 CPE credit).

According to their website, the webinar will:

  • Provide an overview of the new standards and how they will affect the technology industry
  • Provide an update on the most recent changes and implementation considerations for the new standards for revenue recognition
  • Identify areas of the standard that will present new challenges to the auditor
  • Present guidance for best practices entities can consider in preparing for transition
  • Discuss how changes will affect key performance measures going forward

Reminder: Part II of EY's 3-Part Revenue Recognition Live Webcast Airs 12.2.15 #RevRec

Click here to register for Session 2 of EY's three-part webcast series*, The new revenue recognition standard: a closer look, airing 2:00 PM EST on 12/2/15This webcast series includes a detailed discussion and a variety of examples for each step of the new revenue recognition model.  You will receive 1.5 hours of CPE for attending.

The following requirements of the new revenue recognition model will be discussed:

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