 accounting standard acceptable contract name fasb
The revenue Standard will be introduced into the FASB’s Accounting Standards Codification© as Topic 606 by Accounting Standards Update 2014-09 Revenue from Contracts with Customers. Topic 606 replaces the previous guidance on revenue recognition in Topic 605. Introduction US GAAP versus IFRS The basics 2 Convergence continued to be a high priority on the agendas of both the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (collectively, the Boards) in 2012. The revenue Standard will be introduced into the FASB’s Accounting Standards Codification© as Topic 606 by Accounting Standards Update 2014-09 Revenue from Contracts with Customers. The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement'). Notes to editors. The revenue Standard will be introduced into the FASB’s Accounting Standards Codification© as Topic 606 by Accounting Standards Update 2014-09 Revenue from Contracts with Customers. Topic 606 replaces the previous guidance on revenue recognition in Topic 605. The SEC does not set GAAP; GAAP is primarily issued by the Financial Accounting Standards Board (FASB). Government entities, however, must follow a different set of GAAP standards as determined by the Governmental Accounting Standards Board (GASB). 1 08/18/15: FASB issues Accounting Standards Update No. 2015-15—Interest—Imputation of Interest (Subtopic 835-30). 2  08/12/15: FASB issues Accounting Standards Update No. 2015-14—Revenue From Contracts With Customers (Topic 606). The SEC does not set GAAP; GAAP is primarily issued by the Financial Accounting Standards Board (FASB). Government entities, however, must follow a different set of GAAP standards as determined by the Governmental Accounting Standards Board (GASB). How to Apply GAAP. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. Background. The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement').
Topic 606