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New revenue-recognition model

✍ Scribed by Lori Olsen; Thomas R. Weirich

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
111 KB
Volume
22
Category
Article
ISSN
1044-8136

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✦ Synopsis

Abstract

On June 24, 2010, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a joint exposure draft on revenue recognition. It marks a significant step toward international convergence. But the new revenue model may have a significant impact on the way some entities recognize revenueβ€”and new disclosure guidance as to the amount, timing, and uncertainty of revenues and cash flows arising from customer contracts. Therefore, cash and treasury management should carefully analyze the impact that this new model can have on their particular entity. The authors explain how to apply the new model. Β© 2010 Wiley Periodicals, Inc.

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