Changes in Revenue Footnote Disclosures

RotenBerg Meril NJ NY accountant

More than 18 months ago, the Financial Accounting Standards Board and the International Accounting Standards Board issued a new converged accounting standard relating to revenue from contracts with customers. This new converged accounting standard was designed to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers and assets recognized from the costs to obtain or fulfill a contract.

 

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Revenue recognition, lease standards challenge preparers

Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows.

Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial executives at the firm’s annual Accounting & Financial Reporting Symposium.
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