Revenue Recognition Resource Center

Information about the new guidance in ASC 606

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which added Topic 606 to the FASB’s Accounting Standards Codification (ASC) and will replace almost all pre-existing revenue recognition guidance in legacy generally accepted accounting principles (GAAP) with a robust framework for addressing how an entity should account for its revenue. Implementation by calendar year-end public entities must occur no later than January 1, 2018 and by other calendar year-end entities no later than the year ending December 31, 2019.

This resource center provides access to high-level and detailed information about the new revenue recognition guidance. Check back often as additional information will be added in the near future.

RESOURCES

Revenue recognition: Overview of ASC 606

WHITE PAPER

Revenue recognition: Overview of ASC 606

An overview of the new guidance in ASC 606 (as amended) and highlights of the fundamental changes ASC 606 will bring.

Revenue recognition: A whole new world

WHITE PAPER

Revenue recognition: A whole new world

A white paper that details new guidance in ASC 606, including scope, core principle, key steps, transition methods and effective dates.

Revenue recognition under ASC 606

RECORDED WEBCAST

Revenue recognition under ASC 606

In this recorded webcast, RSM’s accounting thought leaders discuss the guidance in Topic 606, Revenue from Contracts with Customers.

Proposed revenue procedure on method changes for revenue recognition

TAX ALERT

Proposed revenue procedure on method changes for revenue recognition

IRS seeks input on proposed guidance for requesting accounting method changes in year that new financial accounting standards are adopted.

  • Ryan Corcoran , Justin Silva, Peter Pentland
Revenue recognition: FASB revises new principal vs. agent guidance

INSIGHT ARTICLE

Revenue recognition: FASB revises new principal vs. agent guidance

A summary of the new principal vs. agent (i.e., gross vs.net) guidance in ASC 606 and how it differs from legacy GAAP

  • Brian Marshall

VIDEO

Revenue recognition featured videos

This 12-part video series covers elements of revenue recognition important to Topic 606 implementation for public and private companies.

Revenue recognition: In motion

INSIGHT ARTICLE

Revenue recognition: In motion

Information about finalized and pending changes to the new guidance in ASC 606, including the nature of those changes and their status.

  • Brian Marshall

ARTICLE

Revenue recognition: 5 key considerations for implementation

Due to its complexity, preparing for and complying with this new standard may be more challenging than many companies realize.

  • Stacy Dow

INSIGHT ARTICLE

Revenue recognition: Lessons learned from an early adopter

Revenue recognition case study looking at best practices from General Dynamics’ ASC 606 early adoption and implementation.

WHITE PAPER

Changes to revenue recognition in the life sciences industry

A white paper about how entities in the life sciences industry may be affected by the new revenue recognition guidance in ASC 606.

  • Matt Coffland
Changes to revenue recognition for business and professional services

WHITE PAPER

Changes to revenue recognition for business and professional services

A summary of how providers of business and professional services may be affected by the new guidance in ASC 606.

  • Chris Murphy, Michael Gerlach
Changes to revenue recognition in the technology industry

WHITE PAPER

Changes to revenue recognition in the technology industry

A white paper about how entities in the technology industry may be affected by the new revenue guidance in ASC 606.

  • Stacy Dow

Need help implementing the new revenue recognition standard?

Let the professionals at RSM help guide your company through the challenges of implementing 606.