When a contract modification occurs, a systematic approach is employed to capture and process changes to the revenue recognition on the contract. This includes considering how to pause the existing ...

FASB’s new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard ...

Deadlines for the new ASC 606 and IFRS 15 revenue recognition rules start in FY18 for public companies (or after December 15, 2017) and a year later for private firms. This is a big deal.