New revenue accounting standard impact: • What is the potential
impact (old vs new) on their...
New revenue accounting standard impact: • What is the potential
impact (old vs new) on their revenue recognition of the new
standard on the company. It would be better if you provide the
resources, websites are enough
the financial accounting and internal accounting standards
boards created a new, converged revenue recognition standard the
was required to be adopted by all public companies by 2017. briefly
explain why the standards setters thought this change was
warranted
The new revenue recognition standard issue by the Financial
Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB) will call for major changes in the way
companies in the airline industry recognize revenue. Airlines may
have to change how they account for loyalty status benefits,
mileage credits, change fees, and breakage for tickets that expire
unused. The American Institute of Certified Public Accountants
(AICPA) has formed an airlines task force to address implementation
issues of the new standard for...
The new revenue recognition standard issue by the Financial
Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB) will call for major changes in the way
companies in the airline industry recognize revenue. Airlines may
have to change how they account for loyalty status benefits,
mileage credits, change fees, and breakage for tickets that expire
unused. The American Institute of Certified Public Accountants
(AICPA) has formed an airlines task force to address implementation
issues of the new standard for...
Upon adoption of the new revenue standard, a company wrestled
with a growth versus net accounting policy judgement and ultimately
rationalized that it should likely continue its current position
unless there was a compelling reason in the guidance to change.
Identify one or more biases that could be at play, then
explain.
New Revenue Recognition Standard
Please discuss some of the key changes included in the new
standard. The new standard was implemented this year for publicly
traded companies and next year for privately-held companies. Have
publicly traded companies encountered challenges with
implementation?
1. From the FASB, what is the intended purpose of the new
converged revenue recognition standard?
2.How prevalent is sustainability reporting in (a) the U.S. and
(b) globally? In citing specific statistics, indicate the size of
the company to which the information pertains.
3. What standards or guidelines should accounting professionals
involved in sustainability reporting be familiar with?
"Revenue Recognition"
The revised revenue recognition accounting standard employs a
five-step process to achieve the core principle to recognize income
upon the transfer of promised goods or services. Use the Internet
or Strayer Library to research a company that bundles a product and
a service. Examine income recognition of the bundled product and
service for the company by addressing each step in the five-step
process for revenue recognition. Give your opinion on the most
critical step for accurately reporting revenue...
When does the new revenue recognition standard go into effect
for private companies and what steps can these private companies
take to make sure they are able to make an effective transition to
the new standard?