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A Roadmap To Applying The New Revenue Recognition Standard
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Book Synopsis A Roadmap to Applying the New Revenue Recognition Standard by : Deloitte Deloitte Audit
Download or read book A Roadmap to Applying the New Revenue Recognition Standard written by Deloitte Deloitte Audit and published by . This book was released on 2016-12-30 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Regulatory Roadmap
Book Synopsis Welcoming the New Revenue Recognition Standard: Ind as 115 Revenue from Contracts with Customers by : Ca Ambalika Singh
Download or read book Welcoming the New Revenue Recognition Standard: Ind as 115 Revenue from Contracts with Customers written by Ca Ambalika Singh and published by Independently Published. This book was released on 2018-08-06 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Indian companies would truly become global players when they adopt the new revenue recognition standard - Ind AS 115. The New Revenue Recognition Standard is bold standard, which gives top-lines of companies, across industries, a common denominator. It is a ground-breaking shift from the fair value basis of measuring revenue, to one which takes into account what consideration the entity really expects to be entitled to receive from the contract with a 'customer'. Moreover, the terms 'client' and 'customer' would no longer be fungible.Ind AS 115 applies to entities falling within the Ind AS roadmap or voluntarily adopting Ind AS and is effective from accounting periods beginning on or after April 1, 2018. Its US counterpart, ASC 606 provides guidance that will apply to all entities, including non-public entities that previously did not have extensive guidance. IFRS differs in this respect as IFRS for Small and Medium-sized Entities is available for entities that do not have public accountability.The new standard broadens the definition of revenue to include newer concepts like costs to obtain and fulfil a contract and material rights. The revenue is recognised upon control transfer rather than on delivery/ transfer of risks and rewards and the standard introduces the concept of 'control transferred at a point in time' and 'control transferred over time'. The standard requires management to increase exercise of judgment and estimate variable consideration, after applying constraints. The disposal of an item of property, plant and equipment or an intangible asset also is recognised when the recipient obtains control of it. Control is determined as per under Ind AS 115.The new revenue recognition standard affects more than just revenue and impacts the business processes and results in dual testing of Internal Financial Controls (other than by a 'one person' company or 'small' company) during the transition phase. Moreover, the standard was notified on March 28, 2018 and hence managements following Ind AS would need to disclose the impact Ind AS 115 in the March 31, 2018 financial statements as the standard was issued but not yet effective as at the end of the financial year.Managements are encouraged to take a tax health check in the end but keep financial statements free of bias. With sufficient discussions and training, all managements will be able to do the 'heavy lifting'.
Book Synopsis Wiley Revenue Recognition Plus Website by : Joanne Flood
Download or read book Wiley Revenue Recognition Plus Website written by Joanne Flood and published by . This book was released on 2017 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything you need to understand and implement the new converged FASB-IASB revenue recognition standard Wiley Revenue Recognition provides an overview of the new revenue recognition standard and instructs financial statement preparers step-by-step through the new model, providing numerous, helpful application examples along the way. Readers will grasp the many new disclosures that will be required through the use of detailed explanations and useful samples, while electronic tools will be available to aid the preparer in implementing the standards and making the proper disclosures. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of a decade-long project to clarify and converge revenue recognition standards. This new principles-based standard-which will affect the business practices of virtually every company worldwide-is designed to serve as one model applied consistently across most industries. This book guides professionals through the new standard. Offers a full explanation of over forty topics superseded by the new standard Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists Provides all the tools needed to implement the new revenue recognition standard Covers how the structure of contracts will be affected Wiley Revenue Recognition is a trusted, authoritative guide to the new FASB-IASB revenue recognition standard for CPAs and financial professionals worldwide.
Book Synopsis The New U.S. Revenue Recognition Standard by : D. Nickson
Download or read book The New U.S. Revenue Recognition Standard written by D. Nickson and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article highlights areas in which the new accounting revenue recognition standard, ASC 606, is likely to have an effect on companies' transfer pricing analyses, such as in applying profit-based methods, under cost sharing, and in preparing country-by-country reports. They recommend proactive engagement between tax, finance, and other stakeholders as the standard is adopted to make sure any necessary actions or key decisions are addressed fully.
Book Synopsis SAP Revenue Accounting and Reporting and IFRS 15 by : Dayakar Domala
Download or read book SAP Revenue Accounting and Reporting and IFRS 15 written by Dayakar Domala and published by SAP PRESS. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to IFRS 15 and SAP revenue accounting and reporting -- Project execution approach -- Configuring SAP revenue accounting and reporting -- Transition strategy and options -- Business cases: telecom and high tech -- Conclusion
Book Synopsis New Guidance on Revenue Recognition: Now Arriving by :
Download or read book New Guidance on Revenue Recognition: Now Arriving written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Course Overview How difficult is it for accounting standard setters to develop financial reporting guidance for revenue recognition that would apply to all customer contracts? Our cameras were on hand at the FEI's Current Financial Reporting Issues Conference as a panel of corporate controllers analyzed the likely impact of the newly-issued revenue recognition guidance on various industries. Learning Objectives: Upon successful completion of this segment, you should be able to: identify the five steps in the new revenue recognition model; recognize the challenges presented by the new revenue recognition model; determine when to recognize licensing revenue up-front versus over time; identify the important considerations in the new revenue recognition model as it relates to performance obligations.
Book Synopsis Fair Value Measurements by : International Accounting Standards Board
Download or read book Fair Value Measurements written by International Accounting Standards Board and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Revenue Recognition-Software - an Overview by : Karlheinz Eichelmann
Download or read book Revenue Recognition-Software - an Overview written by Karlheinz Eichelmann and published by GRIN Verlag. This book was released on 2007-11 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2004 in the subject Business economics - Revision, Auditing, grade: 1,0, University of Augsburg (Lehrstuhl f r Wirtschaftspr fung und Controlling), course: US-GAAP Seminar, 27 entries in the bibliography, language: English, abstract: Several years ago software vendors had the possibility to implement very different accounting practices for their financial statements especially in the area of revenue recognition. About 15% of the companies, covered by a survey of ADAPSO in 1983, took use of the ability to blow up revenue and recognized it early upon signing of the contract. Since then the rules have changed a lot. New accounting standards were introduced and software companies are now limited in how and when they can recognize revenue. This leads to the ability to compare financial statements among competitors more easily and reflects the current financial condition in a better way. The aim of this paper is to provide an overview about US-GAAP's regulations of software revenue recognition. Therefore the criteria of SOP 97-2 and SOP 98-9 are explained and multiple-element arrangements are also described in detail.
Book Synopsis The New Revenue Recognition Standard by : Joseph R.
Download or read book The New Revenue Recognition Standard written by Joseph R. and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in May 2014, the new principles-based revenue recognition standard replaces prescriptive, industry-specific guidance, improving comparability across industries and throughout global capital markets. This report explains the new standard further. --
Book Synopsis Flattening the Revenue Recognition Standard by : Luis Benavides
Download or read book Flattening the Revenue Recognition Standard written by Luis Benavides and published by . This book was released on 2015 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: On May 28, 2014, after years of planning, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued joint revenue recognition standards, ASU 2014-09 (Topic 606) and IFRS 15. Through the project the boards sought to “flatten” the revenue recognition standard, alongside an overall improvement in cross-border financial reporting and analysis. This paper cross examines both current and future standards under U.S. GAAP, and discusses key areas of the new standard that will dramatically impact the financial reporting and operations sectors of organizations.
Book Synopsis Company Valuation Under IFRS 2e by : Nick Antill
Download or read book Company Valuation Under IFRS 2e written by Nick Antill and published by Harriman House Limited. This book was released on 2008 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards (IFRS) are now mandatory in many parts of the world, including Europe, Australia and China. In addition, many countries are in the process of IFRS adoption. Lastly, foreign registrants in US companies no longer have to undertake a costly US-IFRS reconciliation. Therefore, it is clear that investors, analysts and valuers need to understand financial statements produced under IFRS to feed in to their valuations and broader investment decisions. Written by practitioners for practitioners, the book addresses valuation from the viewpoint of the analyst, the investor and the corporate acquirer. It starts with valuation theory: what is to be discounted and at what discount rate? It explains the connection between standard methodologies based on free cash flow and on return on capital. And it emphasizes that, whichever method is used, accurate interpretation of accounting information is critical to the production of sensible valuations. The authors argue that forecasts of cash flows imply views on profits and balance sheets, and that non-cash items contain useful information about future cash flows - so profits matter. The book then addresses the implications for analysis and valuation of key aspects of IFRS including: - Pensions - Stock options - Derivatives - Provisions - Leases The text also sets out which countries use GAAP, as well as the key differences between IFRS and US GAAP treatments of these issues, in addition to their implications for analysis. A detailed case study is used to provide a step-by-step valuation of an industrial company using both free cash flow and economic profit methodologies. The authors then address a range of common valuation problems, including cyclical or immature companies, as well as the specialist accounting and modelling knowledge required for regulated utilities, resource extraction companies, banks, insurance and real estate companies. Accounting for mergers and disposals is first explained and then illustrated with a detailed potential acquisition using real companies.
Book Synopsis Revenue Recognition by : Renee Rampulla
Download or read book Revenue Recognition written by Renee Rampulla and published by John Wiley & Sons. This book was released on 2020-09-16 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, there is FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this work will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You will gain an in-depth understanding of the revenue recognition framework that is built around the core principles of this new five-step process. In addition, you will gain a better understanding of the changes in disclosure requirements. Key topics covered include: Background, purpose, and main provisions of new standard (FASB ASC 606) Transition guidance Five-step process for recognizing revenue Disclosure requirements Implementation guidance — contracts, tax matters, internal controls, IT
Book Synopsis Audits of Property and Liability Insurance Companies by :
Download or read book Audits of Property and Liability Insurance Companies written by and published by . This book was released on 2000 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Valuation Guide: Assets Acquired to Be Used in Research and Development Activities by : AICPA
Download or read book Accounting and Valuation Guide: Assets Acquired to Be Used in Research and Development Activities written by AICPA and published by John Wiley & Sons. This book was released on 2016-11-07 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new guide provides guidance and illustrations regarding the initial and subsequent accounting for, valuation of, and disclosures related to acquired intangible assets used in research and development activities (IPR&D assets). This is a valuable resource for preparers of financial statements, auditors, accountants and valuation specialists seeking an advanced understanding of the accounting, valuation, and disclosures related to acquired IPR&D assets.
Book Synopsis Common U.S. GAAP Issues Facing CPAS by : Renee Rampulla
Download or read book Common U.S. GAAP Issues Facing CPAS written by Renee Rampulla and published by John Wiley & Sons. This book was released on 2018-03-26 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you looking for a review and update of common GAAP issues important to all CPAs? This broad-ranging book covers FASB accounting and reporting developments that apply to all companies. Emphasizing financial statement disclosures in addition to accounting methods, it presents implementation guidelines and disclosure illustrations from actual financial statements. This book will prepare you to: Identify and apply select FASB accounting and reporting guidance. Recall concepts related to FASB projects. Recall key points related to disclosures.
Book Synopsis Audit Risk Alert: General Accounting and Auditing Developments 2018/19 by : AICPA
Download or read book Audit Risk Alert: General Accounting and Auditing Developments 2018/19 written by AICPA and published by John Wiley & Sons. This book was released on 2018-11-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containing descriptions of all recent auditing, accounting and regulatory developments, this 2018 alert will ensure that accountants have a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, accountants will gain a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect their engagements, including: Recent Economic Trends Recent Legislative and PCAOB Developments Developments in Peer Review Recent Ethics Interpretations This useful resource also contains new accounting and auditing guidance related: Derivatives and Hedging Service Concession Agreements Discontinued Operations Stock Compensation
Book Synopsis Audit and Accounting Manual: Nonauthoritative Practice Aid, 2019 by : AICPA
Download or read book Audit and Accounting Manual: Nonauthoritative Practice Aid, 2019 written by AICPA and published by John Wiley & Sons. This book was released on 2019-08-09 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive, step-by-step guide provides a plain-English approach to planning and performing audits. In this handy resource, accountants and auditors will find updates for the issuance of SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, with illustrative examples, sample forms and helpful techniques ideal for small- and medium-sized firms Key Features include: Comprehensive and step-by-step guidance on the performance of an audit Numerous alerts that address the current-year developments in a variety of areas Illustrative examples and forms to facilitate hands-on performance of the audit
