The New Revenue Recognition Standard — Analysis & Application I (Portfolio 5098)

Philip J. Santarelli

Partner Emeritus, Professional Practice Group

Baker Tilly Virchow Krause, LLP


Stephen Rivera

Vice President

Johnson & Johnson

At a glance

I. Understanding the New Approach
II. Changes to the Codification
III. ASC 606 – Scope
IV. Step One – Identifying the Contract
V. Step Two – Identifying Performance Obligations
VI. Step Three – Determining Transaction Price


Bloomberg Tax and Accounting Portfolio 5098, The New Revenue Standard – Analysis & Application I , is designed to be used in conjunction with Accounting Policy & Practice Portfolio, The New Revenue Standard – Analysis & Application II. Together, these Portfolios provide a detailed analysis of the new revenue recognition standard (ASU 2014-09 and IFRS 15). This portfolio discusses the history of the standard, the changes that have been made to the Codification, the scope of the standard, and the first three steps in the new revenue recognition model (identifying the contract, identifying performance obligations and determining transaction price). The Portfolio includes analysis of the new rules as well as the ongoing efforts of the TRG and the FASB and IASB to clarify issues that have arisen with respect to the new guidance. The Portfolio provides a comparison to current U.S. GAAP, when relevant, and discussion of the Boards' Basis for Conclusions. In addition, the Portfolio provides an overview of the new rules on accounting for incremental costs to obtain and costs to fulfill a contract with a customer.

Bloomberg Tax and Accounting Portfolio 5099, The New Revenue Standard – Analysis & Application II, discusses the last two steps in the revenue recognition model (allocating transaction price and recognizing revenue when (or as) a performance obligation is satisfied). The Portfolio also includes detailed analysis of the new guidance on accounting for licenses and other special types of transactions, the guidance on accounting for costs in a contract with a customer, the presentation rules, the new disclosure requirements and the effective date and transition guidance. The Portfolio also includes guidance on preparing to implement the new standard.

This Portfolio may be cited as Bloomberg Tax and Accounting Portfolio 5098, Rivera & Starczewski, The New Revenue Standard – Analysis & Application I.

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