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Fact Sheets Available for New Revenue Recognition Guidance |
The Financial Accounting Standards Board recently ratified two consensuses reached by the Emerging Issues Task Force, approving the issuance of the following Accounting Standards Updates (ASUs), which amend existing guidance on revenue recognition:
ASU No. 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements (a consensus of the FASB Emerging Issues Task Force); and
ASU No. 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements (a consensus of the FASB Emerging Issues Task Force)
Understanding the implications of these ASUs and their effective date will assist clients in developing their action plans for adoption of these ASUs, including whether they plan to adopt them early. McGladrey & Pullen's National Accounting Standards Group (NASG) has drafted a sample letter that auditors can send to their clients to alert them of these developments. The NASG also has developed two fact sheets that provide more details about these revenue recognition ASUs and their requirements. The fact sheets are available on McGladrey & Pullen's Web site at
http://mcgladrey.com/Resource_Center/Articles/fact_sheets_available_new_revenue_recognition_guidance.html.
ASU No. 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements (a consensus of the FASB Emerging Issues Task Force)
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