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Wiley Revenue Recognition plus Website

Book Description

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  • Offers a full explanation of over forty topics superseded by the new standard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.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Executive Summary
    1. What Is Revenue?
    2. The New Revenue Standard
    3. Development of Revenue Guidance
    4. The Revenue Recognition Project
    5. Scope
    6. Effective Dates
    7. Implementation Options
    8. Objective of the Standard
    9. Core Principle and the Five Steps of the Revenue Recognition Model
    10. Disclosures Required by the Standard
    11. Disclosures Required for a New Standard
    12. Other Changes Included in the Standard
    13. SEC Response
    14. Industry-Specific Guidance Superseded
    15. AICPA Industry Committees
    16. Changes to Industry-Specific Guidance
    17. Transition Resource Group
    18. Appendix: Status of Issues Brought to the Boards
  5. Chapter 1: Step 1—Identify the Contract with the Customer
    1. Overview
    2. Assessing Whether Contracts are Within the Scope of the Standard
    3. Collectibility Threshold
    4. Contract Recognition
    5. Arrangements where Contract Criteria are not Met
    6. The Portfolio Approach and Combining Contracts
    7. Identifying the Customer
  6. Chapter 2: Step 2—Identify the Performance Obligations
    1. Overview
    2. Promises in Contracts with Customers
    3. Determining Whether a Good or Service is Distinct
    4. Series of Distinct Goods or Services that are Substantially the Same and have the Same pattern Of Transfer
    5. Comparison with Legacy Standards
  7. Chapter 3: Step 3—Determine the Transaction Price
    1. Overview
    2. Significant Financing Component
    3. Variable Consideration
    4. Noncash Consideration
    5. Consideration Payable to the Customer
  8. Chapter 4: Step 4—Allocate the Transaction Price
    1. Overview
    2. Determining Standalone Selling Price
    3. Allocating the Transaction Price
    4. Recognition
    5. Changes in the Transaction Price
    6. Comparison with Legacy Guidance
  9. Chapter 5: Step 5—Recognize Revenue When (or as) The Entity Satisfies a Performance Obligation
    1. Overview
    2. Control of an Asset
    3. Performance Obligations Satisfied Over Time
    4. Performance Obligations Satisfied at a Point in Time
    5. Measuring Progress Toward Complete Satisfaction of a Performance Obligation
    6. Comparison to Legacy Guidance
  10. Chapter 6: Other Issues
    1. Right of Return
    2. Warranties
    3. Principal versus Agent
    4. Customer Options to Purchase Additional Goods or Services
    5. Customer's Unexercised Rights (Breakage)
    6. Nonrefundable Upfront Fees
    7. Licenses
    8. Repurchase Agreements
    9. Consignment Arrangements
    10. Bill-and-Hold Arrangements
    11. Contract Modifications
    12. Onerous Contracts
  11. Chapter 7: Contract Costs
    1. Overview
    2. Incremental Costs of Obtaining a Contract
    3. Costs of Fulfilling a Contract
    4. Amortization of Costs
    5. Impairment Loss
    6. Comparison with Legacy Guidance
  12. Chapter 8: Presentation and Disclosure
    1. Presentation
    2. Disclosure
    3. Comparison with Legacy Guidance
  13. Chapter 9: Implementation Issues
    1. Effective Dates
    2. Key Terms
    3. Implementation Method Options
    4. Change Management Aspects of Implementing the Standard
  14. About the Companion Website
  15. Index
  16. End User License Agreement