Two transition method options are available under ASC Topic 606.
On May 28, 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which is codified in ASC Topic 606. But why issue ASC Topic 606? Well, prescriptive industry guidance historically lead to different accounting treatment for economically similar transactions and FASB wanted to achieve convergence with IFRS. This video reviews the goals of ASC Topic 606, and the two transition and adoption method options under ASC Topic 606.
Moss Adams LLP
- Managing director, Technical Accounting Consulting, Moss Adams LLP
- More than 27 years of experience in accounting, consulting, and auditing; prior to joining Moss Adams, she led the Technical Accounting Resource Center at MorganFranklin Consulting, wrote auditing standards at the PCAOB, and held various auditing roles at PricewaterhouseCoopers LLP
- Focuses most of her time on initial public offerings and complex accounting and reporting issues, including accounting for revenue transactions under existing and the new revenue standard; leases under existing and the new lease standard; business combinations; derivatives and hedging; stock-based compensation; variable-interest entities and other consolidations issues; and debt and equity instruments and related embedded features
- Presents regularly at seminars on recent accounting pronouncements and financial reporting issues
- Wrote publications on accounting and financial reporting issues, including the JOBS Act of 2012 and the new revenue standard
- Certified Public Accountant in the State of Washington and Alaska
- M.B.A. and a B.B.A. degree, in accounting
- Can be contacted at 703-407-2767 or [email protected]
Moss Adams LLP
- Senior manager, Technical Accounting Consulting, Moss Adams LLP
- More than 18 years of experience in accounting, consulting, and auditing
- Prior to joining Moss Adams, he was a senior manager with MorganFranklin Consulting, a principal consultant at Infosys, Inc., and held various roles within the audit divisions of Big 4 and national public accounting firms
- Has deep experience in revenue recognition, including implementation of the new accounting standard over this area; accounting issues related to mergers and acquisitions; financial instruments; stock compensation; and regulatory and reporting issues under both the Securities and Exchange Acts of 1933 and 1934
- Regularly leads internal firm technical training sessions
- Certified Public Accountant in the State of Washington and Texas (Inactive)
- B.B.A. degree in finance and accounting, Texas A&M University
- Can be contacted at 202-794-9329 or [email protected]
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