This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. See all FORsights for the most up-to-date articles, webinars, and videos.
Revenue Recognition Resource Center
The model for revenue recognition is changing with the Financial Accounting Standards Board’s (FASB) May 28, 2014, release of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU eliminates most of the existing industry-specific guidance and significantly expands revenue recognition disclosures. More than 600 pieces of current revenue recognition guidance are replaced with an overriding principle and a five-step model. The standard requires entities to make more estimates and use more judgment than under current guidance.
Effective Dates
Due to the unprecedented effects of COVID-19, FASB approved a deferral for all entities for financial statements that have not yet been issued or made available for issuance.
How Can BKD Help?
- Develop transition plan
- Analyze technology, controls and processes
- Evaluate estimation process
- Analyze contract
- Assess overall business effect
- Identify required disclosures
