For many entities adopting the new standard will require careful planning.
The new revenue rules established comprehensive accounting guidance for revenue recognition and will replace substantially all existing U.S. GAAP on this topic. The new guidelines are substantially merged with the IFRS 15. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It uses the transfer of control between the parties to determine the pattern of revenue recognition based on the consideration to which the vendor is entitled. This white paper reviews the five basic steps to accomplish this objective.
Agenda
Faculty
Angela Newell
BDO USA P.A.
• Deputy Managing Principal of the Professional Practice Group of BDO USA P.A.
• More than 20 years of experience in both auditing and operational and financial reporting
• Works with audit engagement teams to determine the appropriate accounting for a variety of topics
• Served a four year rotation on the Financial Reporting Executive Committee of the AICPA as BDO’s representative, and previously served a prior term as an industry representative; served as a member of the AICPA’s Revenue Recognition Working Group
• M.S. and B.S. degrees, University of Arkansas
• Can be contacted at 214-689-5669 or [email protected]
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