Two Minute Roundup vol. 11 (FASB Simplification Efforts)
In 2014, the FASB commenced a project to reduce cost and complexity in financial reporting. The goal was to make targeted simplifications to certain accounting rules…
Revenue from Contracts With Customers – Software Industry (a Mind the GAAP/BDO publication)
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 establishes comprehensive accounting guidance for revenue recognition and will replace substantially all existing U.S. GAAP on this topic…
Revenue from Contracts With Customers – Hardware Industry (a Mind the GAAP/BDO publication)
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 introduces new Accounting Standards Codification Topic 606. ASC Topic 606 could significantly change revenue recognition for the hardware industry…
In Brief vol. 15 Divergence Around the “Converged” Revenue Standard
In May 2014 – after years of discourse, debate, and deliberations – the FASB and IASB (“the Boards”) issued a joint standard on revenue recognition (ASC 606 and IFRS 15)…