May 12, 2016
From the Financial Reporting Network
With the FASB issuing its latest Accounting Standards Update (ASU) on revenue recognition, the standard (Topic 606) can be regarded as virtually final. In addition to changing accounting and information technology systems to incorporate the new revenue recognition guidance, companies will need to make many additional revenue disclosures.
In Illustrative Disclosures – Revenue we show how one fictitious company has navigated the complexities of the revenue disclosure requirements.