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Revenue Recognition – FASB Discusses Post Implementation Review of Topic 606
Revenue Recognition – FASB Discusses Revenue Recognition Standard Post-Implementation
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Revenue Recognition – FASB Discusses Post Implementation Review of Topic 606
Summary - As reported in its “Summary of Decisions” publication, the FASB met on October 2, 2024, and discussed the post-implementation review (PIR) activities completed on Topic 606 and the status of the Revenue PIR process. The FASB continued redeliberations on the proposed Accounting Standards Update, Financial Instruments—Credit Losses (Topic 326): Purchased Financial Assets.
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© 2024 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.
Revenue Recognition – FASB Discusses Revenue Recognition Standard Post-Implementation
Summary - As reported in its “Summary of Board Decisions” publication, the FASB met on July 28, 2021, and discussed feedback received to date during the post-implementation review (PIR) of Topic 606, Revenue from Contracts with Customers. The FASB staff presented a report of its activities as part of the PIR process and summarized feedback received to date based on its direct outreach with stakeholders and monitoring of publicly available information. While the FASB made no decisions, it provided the FASB staff with direction about additional research, outreach, and education.
The FASB staff also will continue to perform research as part of the PIR process and will provide future updates to the FASB.
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© 2021 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.