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 Offers a full explanation of over forty topics superseded by the new standard Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists Provides all the tools needed to implement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.

Everything you need to understand and implement the newconverged FASB-IASB revenue recognition standardWiley Revenue Recognition provides an overview of the newrevenue recognition standard and instructs financial statementpreparers step-by-step through the new model, providing numeroushelpful application examples along the way. Readers will grasp themany new disclosures that will be required through the use ofdetailed explanations and useful samples, while electronic toolswill be available to aid the preparer in implementing the standardsand making the proper disclosures.The Financial Accounting Standards Board (FASB) and theInternational Accounting Standards Board (IASB) are in the finalstages of a decade-long project to clarify and converge revenuerecognition standards. This new principles-basedstandard--which will affect the business practices ofvirtually every company worldwide--is designed to serve as onemodel applied consistently across most industries. This book guidesprofessionals through the new standard.* Offers a full explanation of over forty topics superseded bythe new standard* Includes digital ancillaries featuring measurement tools andGAAP and IFRS Disclosure Checklists* Provides all the tools needed to implement the new revenuerecognition standard* Covers how the structure of contracts will be affectedWiley Revenue Recognition is a trusted, authoritativeguide to the new FASB-IASB revenue recognition standard for CPAsand financial professionals worldwide.

Executive Summary 11 Step 1--Identify the Contract with the Customer 272 Step 2--Identify the Performance Obligations 453 Step 3--Determine the Transaction Price 594 Step 4--Allocate the Transaction Price 855 Step 5--Recognize Revenue When (Or As) the Entity Satisfies a Performance Obligation 1016 Other Issues 1237 Contract Costs 1598 Presentation and Disclosure 1699 Implementation Issues 191About the Companion Website 203Index 205