The Financial Accounting Standards Board (FASB) plans to host on Dec. 18, 2018, a webcast for questions private companies have about implementing the board’s revenue recognition standard.
The webcast is scheduled to focus on the requirements of Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers (ASC 606), and updates on recent implementation activities. The FASB said it wants to address issues that relate to private companies and the resources available to help with applying the standard. Participants will be able to submit questions, the FASB said.
ASU No. 2014-09 erases pages of industry-by-industry, tailor-made guidance in U.S. generally accepted accounting principles (GAAP) for reporting the top line in income statements. It establishes a principles-based, five-step model for companies to come up with their revenue figures. The FASB published the standard after more than a decade of consultation with the International Accounting Standards Board (IASB), which simultaneously issued the largely converged International Financial Reporting Standards (IFRS) 15, Revenue From Contracts With Customers.
Private companies must comply with the revenue standard starting in 2019, one year after the 2018 compliance date for public companies. Public companies and their accountants have told the FASB that complying with the revenue standard was a significant undertaking.
The scheduled speakers include FASB member Marsha Hunt, Private Company Council member Jeremy Dillard, FASB senior project manager Mary Mazzella, and FASB senior project manager and Private Company Council (PCC) coordinator Michael Cheng.
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