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Revenue Recognition FASB / IASB Joint Revenue Project

Revenue Recognition FASB / IASB Joint Revenue Project. . Slide 1. FASB/IASB Joint Revenue Recognition Project. Project Update. The FASB & IASB have circulated to certain preparers a proposed revenue recognition model. The proposed model is 14 pages, or 49 paragraphs long.

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Revenue Recognition FASB / IASB Joint Revenue Project

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  1. Revenue RecognitionFASB / IASB Joint Revenue Project . Ryan Folscroft Assurance Senior Manager Slide 1

  2. FASB/IASB Joint Revenue Recognition Project Project Update • The FASB & IASB have circulated to certain preparers a proposed revenue recognition model. • The proposed model is 14 pages, or 49 paragraphs long. • A group of approximately 25 preparers were asked to run an example transaction through the model and present their findings to the FASB on December 7. • Similar meetings will occur in London, Tokyo & Melbourne Slide 2

  3. FASB/IASB Joint Revenue Recognition Project Proposed Revenue Recognition Model • Step 1—identify the contract with a customer • Step 2—identify performance obligations in the contract • Step 3—determine and allocate the transaction price • Step 4—recognize revenue when performance obligations are satisfied • Step 5—account for contract costs • For more information contact Ryan Folscroft (816.218.1817) or Ryan.j.folscroft@us.pwc.com • Also, visit our website at http://NationalProfessionalServices • for more discussion on the revenue project Slide 3

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