FASB/IASB Joint Projects - presented by McGladrey at 2011 NYSSCPA Private Com...Brian Marshall
The document discusses the progress of several joint projects between the FASB and IASB, including revenue recognition, financial instruments, and leases. For revenue recognition, the boards have completed redeliberations and are determining if re-exposure is needed before finalizing the new standard. For financial instruments, the boards continue work on impairment, hedge accounting, and other issues. For leases, the boards are redeliberating the proposed model to require balance sheet recognition of lease assets and liabilities for most leases.
Larry O'Donnell of FHWA Chicago HS for Agricultural Sciences Shadow Day 02-...raymurphy9533
The document provides information about careers in structural (bridge) engineering. It discusses what structural engineers do, such as designing, constructing, and maintaining bridges. It also outlines the education and experience needed to become a structural engineer, including obtaining a bachelor's degree in civil engineering with a structural focus, getting experience through internships, and obtaining professional registration. The presenter is a senior structural engineer at the Federal Highway Administration who reviews bridge management systems and provides technical assistance on bridge inspection and management.
This document discusses social marketing strategies for communicating the Sustainable Livelihood Program (SLP) to external stakeholders. It defines social marketing as using commercial marketing concepts to bring about social change. The marketing mix of Product, Price, Place, and Promotion is explained in the context of the SLP. Potential external stakeholders are identified, including beneficiaries, local governments, NGOs, and businesses. The document provides examples of existing social marketing strategies used by organizations like TOMS shoes. It emphasizes remembering the marketing basics and using tools like success stories, presentations, and IEC materials when engaging partners.
Maaf, saya tidak bisa mengisi tabel tersebut karena tidak memiliki informasi lengkap tentang hasil penilaian standar isi dan proses di MTS Negeri Umbulsari. Saya hanya bisa memberikan tanggapan ringkas berdasarkan instruksi Anda.
The document contains 4 extracts from the novel "The Curse" that demonstrate values shown by characters. Extract A shows the girl taking responsibility by repairing the damaged garden and apologizing to the Old Lady. Extract B details the two sisters working diligently to repair a basket. Extract C highlights Azreen's loyalty to the Old Lady and bravery in trying to stop a man from attacking her house with a hoe.
The document summarizes the global financial crisis and its impacts. It discusses how the subprime mortgage crisis in the US triggered a global crisis through interconnected financial markets and declining trade. The crisis led to a sharp decline in global GDP growth. It discusses policy responses by countries through fiscal stimulus and efforts to stabilize financial systems. It emphasizes the need for coordinated global action on financial regulation, trade, and addressing poverty and environmental impacts. Lessons from past financial crises are outlined around the importance of rapid and sizable responses, social protection policies, and balancing national and global goals.
Online organizing allows individuals to participate in campaigns through digital communications and mobilization, complementing traditional in-person organizing. It has benefits like engaging supporters creatively, connecting local stories to national issues, and mobilizing people quickly. Online tools include social media, email, texting, and collecting data. Organizers should integrate online strategies throughout their campaigns, from voter registration drives to get-out-the-vote efforts. Text messaging is particularly effective for mobilizing communities cost-effectively at scale. All staff can contribute by gathering contact data and coordinating online and offline organizing activities.
FASB/IASB Joint Projects - presented by McGladrey at 2011 NYSSCPA Private Com...Brian Marshall
The document discusses the progress of several joint projects between the FASB and IASB, including revenue recognition, financial instruments, and leases. For revenue recognition, the boards have completed redeliberations and are determining if re-exposure is needed before finalizing the new standard. For financial instruments, the boards continue work on impairment, hedge accounting, and other issues. For leases, the boards are redeliberating the proposed model to require balance sheet recognition of lease assets and liabilities for most leases.
Larry O'Donnell of FHWA Chicago HS for Agricultural Sciences Shadow Day 02-...raymurphy9533
The document provides information about careers in structural (bridge) engineering. It discusses what structural engineers do, such as designing, constructing, and maintaining bridges. It also outlines the education and experience needed to become a structural engineer, including obtaining a bachelor's degree in civil engineering with a structural focus, getting experience through internships, and obtaining professional registration. The presenter is a senior structural engineer at the Federal Highway Administration who reviews bridge management systems and provides technical assistance on bridge inspection and management.
This document discusses social marketing strategies for communicating the Sustainable Livelihood Program (SLP) to external stakeholders. It defines social marketing as using commercial marketing concepts to bring about social change. The marketing mix of Product, Price, Place, and Promotion is explained in the context of the SLP. Potential external stakeholders are identified, including beneficiaries, local governments, NGOs, and businesses. The document provides examples of existing social marketing strategies used by organizations like TOMS shoes. It emphasizes remembering the marketing basics and using tools like success stories, presentations, and IEC materials when engaging partners.
Maaf, saya tidak bisa mengisi tabel tersebut karena tidak memiliki informasi lengkap tentang hasil penilaian standar isi dan proses di MTS Negeri Umbulsari. Saya hanya bisa memberikan tanggapan ringkas berdasarkan instruksi Anda.
The document contains 4 extracts from the novel "The Curse" that demonstrate values shown by characters. Extract A shows the girl taking responsibility by repairing the damaged garden and apologizing to the Old Lady. Extract B details the two sisters working diligently to repair a basket. Extract C highlights Azreen's loyalty to the Old Lady and bravery in trying to stop a man from attacking her house with a hoe.
The document summarizes the global financial crisis and its impacts. It discusses how the subprime mortgage crisis in the US triggered a global crisis through interconnected financial markets and declining trade. The crisis led to a sharp decline in global GDP growth. It discusses policy responses by countries through fiscal stimulus and efforts to stabilize financial systems. It emphasizes the need for coordinated global action on financial regulation, trade, and addressing poverty and environmental impacts. Lessons from past financial crises are outlined around the importance of rapid and sizable responses, social protection policies, and balancing national and global goals.
Online organizing allows individuals to participate in campaigns through digital communications and mobilization, complementing traditional in-person organizing. It has benefits like engaging supporters creatively, connecting local stories to national issues, and mobilizing people quickly. Online tools include social media, email, texting, and collecting data. Organizers should integrate online strategies throughout their campaigns, from voter registration drives to get-out-the-vote efforts. Text messaging is particularly effective for mobilizing communities cost-effectively at scale. All staff can contribute by gathering contact data and coordinating online and offline organizing activities.
My dear daughter, while technology allows us to connect across great distances, an online relationship is no substitute for truly knowing someone. Before committing your life and heart to this man, I gently encourage you to spend meaningful time with him in person so you can truly understand each other and determine if you are compatible for the long run. Look beyond just words and photos online - see how you interact face to face and know his character through real experiences together. Please be cautious, think carefully, and don't rush into life-changing decisions based on limited virtual contact. I'm here if you ever want to talk or need help discerning your path. But for now, focus on really getting to know each other in reality before deciding on marriage. Your happiness is
Pythagorean theorem and distance formula power pointLadasha
The Pythagorean theorem states that for any right triangle, the square of the hypotenuse is equal to the sum of the squares of the two legs. The distance formula calculates the distance between two points by taking the square root of the sum of the squares of the differences between their x- and y-coordinates. An example shows using the distance formula to find the distance between points (4,9) and (16,3), which equals 12.94.
Moderator & speaker bios posting travel times on dynamic message signs webinarraymurphy9533
This document provides information about a webinar on posting travel times on dynamic message signs and third party data, including moderator and speaker bios. The moderator, Bob Koeberlein from the Idaho Transportation Department, has engineering degrees and experience managing transportation projects. Three guest speakers will discuss their experiences: Jennifer Portanova from North Carolina DOT, Jeff Galas from Illinois DOT, and Richard Dye from Maryland SHA.
This document discusses asbestos, a naturally occurring mineral that was widely used for its desirable properties but can cause serious health issues if inhaled. It describes the health effects of asbestos exposure like lung cancer and mesothelioma. It also discusses substitutes for asbestos, contamination of other materials like talc and vermiculite with asbestos, and the continued use of asbestos in construction in some developing countries despite bans in many developed nations.
This document discusses youth mental health service models from around the world and options for improving youth mental health services locally. It notes that 1 in 4 youth experience mental health issues and transitions from children's to adult services are often difficult. Integrated, collaborative models that are community-based, flexible and non-stigmatizing are recommended. Building on existing local services, collaborating across sectors, evaluating outcomes, and involving young people are suggested starting points to develop a modular youth mental health system that meets their needs.
La niña salió de casa con comida para su abuela enferma que vivía en el bosque. En el bosque se encontró con el lobo que la engañó para llegar antes a la casa de la abuela. El lobo se disfrazó de la abuela y esperó a la niña para comérsela, pero la niña gritó y llamó la atención de un cazador que mató al lobo.
Andrea Aufieri - Il mercato dell'editoria oggi, un'inchiesta sui dati italianiAndrea Aufieri
Editori impuri, lettori difficili, lobby della carta, divario tecnologico e spese per la cultura che rasentano lo zero. L'informazione italiana è spacciata?
This document discusses Children's Hospital's use of social media and the related HIPAA privacy issues. It provides an overview of Children's presence and strategies on various social media platforms like blogs, YouTube, Twitter, and Facebook. It outlines the goals of engaging on social media to improve communication and branding. The document also addresses concerns around HIPAA violations, negative comments, and losing control of the message. It proposes having external disclaimers and internal social media policies to help navigate these challenges and properly manage privacy and legal risks in the healthcare social media space.
710,000 Facebook Fans is Not Enough: NESCHO May 2012Matt Cyr
This document discusses the importance of social media for healthcare organizations. It provides examples of how Children's Hospital Boston uses social platforms like Facebook, Twitter, YouTube, and blogs to engage over 710,000 people. These platforms allow for two-way communication, reputation building, and sharing timely healthcare information. The document emphasizes that simply having social media profiles is not enough - healthcare organizations must strategically and regularly share engaging content to reap the benefits of social media.
The document summarizes recent updates in accounting standards and the ongoing convergence projects between the FASB and IASB. Several standards were codified in 2009 without changing GAAP. New standards in 2010 related to consolidation of variable interest entities, fair value disclosures, and revenue recognition. Ongoing convergence projects address financial instruments, revenue recognition, leases, and consolidations. The SEC will decide in 2011 whether and when to require US companies to adopt IFRS. Private companies may adopt IFRS, IFRS for SMEs, or continue with US GAAP.
This document discusses early suggestions for patient and public engagement (PPE) in the South East Coast Strategic Clinical Networks. It provides 5 suggestions: 1) Support established partnership and other key groups during the first year; 2) Think of communities of interest as a "people bank"; 3) Integrate inclusion and PPE agendas; 4) Develop a "Third Sector Local"; and 5) Train, sustain, and grow user leaders. The recommendations aim to make PPE appropriate for the population and geography, aligned with work plans, and avoid duplication by coordinating with other local involvement systems in the region.
The document discusses 21st century learners and skills. It outlines the scope of the presentation, which includes examining where education is now, defining 21st century learners, analyzing 21st century skills, comparing traditional vs. technology-based learning, and leadership support from administrators. 21st century skills are grouped into core subjects, learning and innovation, information/media/technology, and life/career skills. Traditional learning is compared to technology-based approaches. The presentation concludes by stating that educators must guide the future of education.
The document discusses the need to incorporate higher-order thinking skills (HOTS) into the Malaysian education system. It notes that Malaysian students lag behind international peers in skills like problem-solving, critical thinking, and analysis. This is evidenced by their poorer performance on assessments like PISA and TIMSS. The workshop aims to train teachers to deliver an enhanced curriculum focused on embedding HOTS into subjects like Math and Science. This includes using verbs from Bloom's Taxonomy that encourage higher cognitive levels like application, analysis and evaluation. The goal is to equip students with 21st century skills and raise the quality of education to international standards.
The document features photographs of sculptures made by 7th grade students out of various junk foods like chocolate bars, fruit roll-ups, gummi bears, pretzels and frosting. The sculptures include recreations of famous architectural structures like the Cheops Pyramid and Wichita Arch as well as original sculptural designs. Materials like marshmallows, licorice, gum drops and caramels were used to construct the food sculptures depicted in the photos.
FASB Proposals Affecting Government ContractorsDecosimoCPAs
The document summarizes key proposals from the FASB and IASB exposure drafts on revenue recognition. It discusses the core principle of recognizing revenue as control of goods or services is transferred to customers. It also outlines the five steps to apply the new standard: 1) identify contracts, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. Government contractors will need to evaluate how these changes may affect their accounting and revenue recognition.
FASB Proposals Affecting Government ContractorsDecosimoCPAs
Robert Belcher and Ken Conner co-presented this PowerPoint at the 2012 RocketCity GovCon Conference hosted by Solvability in Huntsville, Ala. on Sept. 20, 2012.
Annual update course covering:
IFRS 15 Revenue from Contracts with Customers
IFRS 16 Leases
IFRICs 22 Foreign Currency Transactions and Advance Consideration
IFRIC 23 Uncertainty over Income Tax Treatments
Amongst other updates to standards during the past year.
Sigvard Heurlin, PwC.
IASB och FASB arbetar sedan några år med att ersätta gällande standarder för intäktsredovisning, IAS 11 och IAS 18, med en ny generell standard för redovisning av intäkter avseende kontrakt med kunder. Ett förslag till standard (Exposure draft) kom ut i juni 2010 och standarden beräknas bli publicerad i kvartal 2, 2011. Huvudprincipen i förslaget är att intäkt ska redovisas när vara eller tjänst överförts till kunden och kunden fått kontroll över varan eller tjänsten. Ca 1.000 kommentarer har lämnats till förslaget, de flesta från företag och organisationer i USA. Under detta avsnitt i symposiet ges en överblick över innehållet i den nya standarden. Vidare summeras den diskussion som IASB och FASB har haft om de mest kontroversiella punkterna i förslaget och vilka väsentliga förändringar som sker i förhållande till gällande standarder. Exempel på punkter som tas upp:
Vilka intäkter omfattas och när ska intäkt redovisas för vara resp. tjänst?
Hur redovisas intäkt när ett kontrakt omfattar flera uppdrag eller tjänster?
Hur definieras det centrala begreppet 'fullgörandeförpliktelse' (Satisfaction of a performance obligation) ?
Hur redovisas kostnader för att erhålla ett kontrakt? Vad gäller för produktgarantier?
Vad innebär standarden för successiv vinstavräkning?
www.financialreporting.se
My dear daughter, while technology allows us to connect across great distances, an online relationship is no substitute for truly knowing someone. Before committing your life and heart to this man, I gently encourage you to spend meaningful time with him in person so you can truly understand each other and determine if you are compatible for the long run. Look beyond just words and photos online - see how you interact face to face and know his character through real experiences together. Please be cautious, think carefully, and don't rush into life-changing decisions based on limited virtual contact. I'm here if you ever want to talk or need help discerning your path. But for now, focus on really getting to know each other in reality before deciding on marriage. Your happiness is
Pythagorean theorem and distance formula power pointLadasha
The Pythagorean theorem states that for any right triangle, the square of the hypotenuse is equal to the sum of the squares of the two legs. The distance formula calculates the distance between two points by taking the square root of the sum of the squares of the differences between their x- and y-coordinates. An example shows using the distance formula to find the distance between points (4,9) and (16,3), which equals 12.94.
Moderator & speaker bios posting travel times on dynamic message signs webinarraymurphy9533
This document provides information about a webinar on posting travel times on dynamic message signs and third party data, including moderator and speaker bios. The moderator, Bob Koeberlein from the Idaho Transportation Department, has engineering degrees and experience managing transportation projects. Three guest speakers will discuss their experiences: Jennifer Portanova from North Carolina DOT, Jeff Galas from Illinois DOT, and Richard Dye from Maryland SHA.
This document discusses asbestos, a naturally occurring mineral that was widely used for its desirable properties but can cause serious health issues if inhaled. It describes the health effects of asbestos exposure like lung cancer and mesothelioma. It also discusses substitutes for asbestos, contamination of other materials like talc and vermiculite with asbestos, and the continued use of asbestos in construction in some developing countries despite bans in many developed nations.
This document discusses youth mental health service models from around the world and options for improving youth mental health services locally. It notes that 1 in 4 youth experience mental health issues and transitions from children's to adult services are often difficult. Integrated, collaborative models that are community-based, flexible and non-stigmatizing are recommended. Building on existing local services, collaborating across sectors, evaluating outcomes, and involving young people are suggested starting points to develop a modular youth mental health system that meets their needs.
La niña salió de casa con comida para su abuela enferma que vivía en el bosque. En el bosque se encontró con el lobo que la engañó para llegar antes a la casa de la abuela. El lobo se disfrazó de la abuela y esperó a la niña para comérsela, pero la niña gritó y llamó la atención de un cazador que mató al lobo.
Andrea Aufieri - Il mercato dell'editoria oggi, un'inchiesta sui dati italianiAndrea Aufieri
Editori impuri, lettori difficili, lobby della carta, divario tecnologico e spese per la cultura che rasentano lo zero. L'informazione italiana è spacciata?
This document discusses Children's Hospital's use of social media and the related HIPAA privacy issues. It provides an overview of Children's presence and strategies on various social media platforms like blogs, YouTube, Twitter, and Facebook. It outlines the goals of engaging on social media to improve communication and branding. The document also addresses concerns around HIPAA violations, negative comments, and losing control of the message. It proposes having external disclaimers and internal social media policies to help navigate these challenges and properly manage privacy and legal risks in the healthcare social media space.
710,000 Facebook Fans is Not Enough: NESCHO May 2012Matt Cyr
This document discusses the importance of social media for healthcare organizations. It provides examples of how Children's Hospital Boston uses social platforms like Facebook, Twitter, YouTube, and blogs to engage over 710,000 people. These platforms allow for two-way communication, reputation building, and sharing timely healthcare information. The document emphasizes that simply having social media profiles is not enough - healthcare organizations must strategically and regularly share engaging content to reap the benefits of social media.
The document summarizes recent updates in accounting standards and the ongoing convergence projects between the FASB and IASB. Several standards were codified in 2009 without changing GAAP. New standards in 2010 related to consolidation of variable interest entities, fair value disclosures, and revenue recognition. Ongoing convergence projects address financial instruments, revenue recognition, leases, and consolidations. The SEC will decide in 2011 whether and when to require US companies to adopt IFRS. Private companies may adopt IFRS, IFRS for SMEs, or continue with US GAAP.
This document discusses early suggestions for patient and public engagement (PPE) in the South East Coast Strategic Clinical Networks. It provides 5 suggestions: 1) Support established partnership and other key groups during the first year; 2) Think of communities of interest as a "people bank"; 3) Integrate inclusion and PPE agendas; 4) Develop a "Third Sector Local"; and 5) Train, sustain, and grow user leaders. The recommendations aim to make PPE appropriate for the population and geography, aligned with work plans, and avoid duplication by coordinating with other local involvement systems in the region.
The document discusses 21st century learners and skills. It outlines the scope of the presentation, which includes examining where education is now, defining 21st century learners, analyzing 21st century skills, comparing traditional vs. technology-based learning, and leadership support from administrators. 21st century skills are grouped into core subjects, learning and innovation, information/media/technology, and life/career skills. Traditional learning is compared to technology-based approaches. The presentation concludes by stating that educators must guide the future of education.
The document discusses the need to incorporate higher-order thinking skills (HOTS) into the Malaysian education system. It notes that Malaysian students lag behind international peers in skills like problem-solving, critical thinking, and analysis. This is evidenced by their poorer performance on assessments like PISA and TIMSS. The workshop aims to train teachers to deliver an enhanced curriculum focused on embedding HOTS into subjects like Math and Science. This includes using verbs from Bloom's Taxonomy that encourage higher cognitive levels like application, analysis and evaluation. The goal is to equip students with 21st century skills and raise the quality of education to international standards.
The document features photographs of sculptures made by 7th grade students out of various junk foods like chocolate bars, fruit roll-ups, gummi bears, pretzels and frosting. The sculptures include recreations of famous architectural structures like the Cheops Pyramid and Wichita Arch as well as original sculptural designs. Materials like marshmallows, licorice, gum drops and caramels were used to construct the food sculptures depicted in the photos.
FASB Proposals Affecting Government ContractorsDecosimoCPAs
The document summarizes key proposals from the FASB and IASB exposure drafts on revenue recognition. It discusses the core principle of recognizing revenue as control of goods or services is transferred to customers. It also outlines the five steps to apply the new standard: 1) identify contracts, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. Government contractors will need to evaluate how these changes may affect their accounting and revenue recognition.
FASB Proposals Affecting Government ContractorsDecosimoCPAs
Robert Belcher and Ken Conner co-presented this PowerPoint at the 2012 RocketCity GovCon Conference hosted by Solvability in Huntsville, Ala. on Sept. 20, 2012.
Annual update course covering:
IFRS 15 Revenue from Contracts with Customers
IFRS 16 Leases
IFRICs 22 Foreign Currency Transactions and Advance Consideration
IFRIC 23 Uncertainty over Income Tax Treatments
Amongst other updates to standards during the past year.
Sigvard Heurlin, PwC.
IASB och FASB arbetar sedan några år med att ersätta gällande standarder för intäktsredovisning, IAS 11 och IAS 18, med en ny generell standard för redovisning av intäkter avseende kontrakt med kunder. Ett förslag till standard (Exposure draft) kom ut i juni 2010 och standarden beräknas bli publicerad i kvartal 2, 2011. Huvudprincipen i förslaget är att intäkt ska redovisas när vara eller tjänst överförts till kunden och kunden fått kontroll över varan eller tjänsten. Ca 1.000 kommentarer har lämnats till förslaget, de flesta från företag och organisationer i USA. Under detta avsnitt i symposiet ges en överblick över innehållet i den nya standarden. Vidare summeras den diskussion som IASB och FASB har haft om de mest kontroversiella punkterna i förslaget och vilka väsentliga förändringar som sker i förhållande till gällande standarder. Exempel på punkter som tas upp:
Vilka intäkter omfattas och när ska intäkt redovisas för vara resp. tjänst?
Hur redovisas intäkt när ett kontrakt omfattar flera uppdrag eller tjänster?
Hur definieras det centrala begreppet 'fullgörandeförpliktelse' (Satisfaction of a performance obligation) ?
Hur redovisas kostnader för att erhålla ett kontrakt? Vad gäller för produktgarantier?
Vad innebär standarden för successiv vinstavräkning?
www.financialreporting.se
This document provides definitions and guidance for applying IFRS 15, the standard for revenue recognition from contracts with customers. It defines key terms like contract, performance obligation, transaction price, and customer. It outlines a 5-step process for recognizing revenue: 1) identify the contract; 2) identify separate performance obligations; 3) determine the transaction price; 4) allocate the transaction price to each performance obligation; 5) recognize revenue when each performance obligation is satisfied. The document provides more details on how to apply each step, such as how to account for variable consideration, significant financing components, non-cash consideration, and contract modifications.
IFRS 15 Revenue from Contracts with Customerssilsarthur91
In May 2014, almost 12 years since the work begun, the new standard on revenue recognition IFRS 15 Revenue from Contracts with Customers was published. The aim of this article is to present the key aspects of the new revenue recognition in a light and accessible way as well as to help in systematic preparation for the upcoming changes.
Under the new standard, Company A's gross margin percentage will decrease from 40% to 33% due to the impairment loss reducing net revenue rather than being reported below the line as bad debt expense.
Streaser, S., Jialin Sun, K., Perez Zaldivar, I., & Ran, Z. (2014).docxflorriezhamphrey3065
Streaser, S., Jialin Sun, K., Perez Zaldivar, I., & Ran, Z. (2014). Summary of the New FASB and IASB Revenue Recognition Standards. Review Of Business, 35(1), 7-15.
Summary of the New FASB and IASB
Revenue Recognition Standards
Scott Streaser, Deloitte & Touche LLP, New York
[email protected]
Kevin Jialin Sun, The Peter J. Tobin College of Business, St. John’s University, New York
[email protected]
Ignacio Perez Zaldivar, Deloitte & Touche LLP, New York
[email protected]
Ran Zhang, St. John’s University, New York
[email protected]
Executive Summary
The joint task force of the Financial Accounting
Standards Board (FASB) and International
Accounting Standards Board (IASB) finalized its
project to develop a joint revenue recognition
standard on May 28th, 2014, when the FASB
and IASB issued Accounting Standards Update
(ASU) 2014-09 and IFRS 15, respectively (“the
Standard”). The new standard, Revenue from
Contracts with Customers, moves away from
the current risks and rewards model, and
adopts a contract- and control-based approach.
Specifically, an entity would be required
to identify a contract with a customer and
assign the transaction price to performance
obligations embedded in the contract.
Revenue can only be recognized when (or
as) a performance obligation is satisfied by
transferring the control of promised goods
or services to the customer. The standard
applies to all entities and replaces most current
industry-specific guidance.
While the provisions of the new revenue
recognition standard are substantially
converged under International Financial
Reporting Standards (IFRS) and U.S. Generally
Accepted Accounting Principles (U.S. GAAP),
minor differences continue to exist. Except
where specifically noted otherwise, this article
discusses the new framework and important
changes to the current revenue recognition
standards under U.S. GAAP only.
To illustrate the effect of the change in this
article, we apply the provisions of the new
revenue standard to a hypothetical contract
between a telecommunications company and
a customer, in which the company promises
to transfer a bundle of goods and services
consisting of: (1) a subsidized handset, and
(2) a non-cancellable service contract to the
customer for fixed consideration. The example
demonstrates that under the new standard,
revenue recognition of the bundled contract
will be accelerated when compared to current
revenue recognition guidance. Specifically,
revenue allocated to the sale of the handset
upon delivery will increase, and revenue later
will decrease.
Background
Since formally agreeing to work jointly on the
revenue project in 2002, the FASB and IASB
have collaborated on the joint task of issuing
a converged revenue recognition standard.
The goal of the task force is to develop a
more robust and consistent framework for
revenue recognition, as well as to increase the
comparability of revenue recognition practices
across entities, countries, and industries. The
boards issued Exposu.
The document discusses the key differences between IFRS 15/ASC 606 and previous revenue recognition standards. It provides an overview of the 5-step process for recognizing revenue under IFRS 15/ASC 606, including identifying performance obligations, determining transaction price, allocating price to obligations, and recognizing revenue as obligations are satisfied. The new standards apply to public entities for annual periods after December 15, 2017 and all other entities after December 15, 2018.
The document discusses the potential impacts of a proposed new revenue recognition standard on the automotive industry. The proposed standard would require a significant change in approach, moving to a single, contract-based model where revenue is recognized when performance obligations are satisfied, representing a transfer of control of goods or services. This would impact areas like IT systems, financial metrics, and legal contracts. Companies would need to fundamentally change their revenue processes under the new standard.
The document summarizes the key points from a presentation on the IASB and FASB's joint project on revenue recognition. It outlines the 5 steps of the proposed revenue recognition model: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It also discusses feedback received on the initial proposal and revisions being considered, including how to handle warranties, price variability, and financing components. The goal is to issue a converged standard by 2012.
The document discusses the key changes and challenges in implementing the new revenue recognition standard Ind AS 115, which is based on IFRS 15. Some of the significant changes include focusing on control rather than risks and rewards for timing of revenue recognition. It also requires identifying separate performance obligations in contracts and allocating the transaction price to each. This will impact industries like telecom and software development. Other challenges discussed are accounting for contract modifications and transactions containing financing elements.
Ind AS 115 Revenue from Contracts with Customersnitish aggarwal
Ind AS 115 provides principles for recognizing revenue from contracts with customers and will supersede Ind AS 11 and Ind AS 18. It outlines a five-step model for recognizing revenue that includes identifying the contract with the customer, identifying separate performance obligations, determining the transaction price, allocating the transaction price, and recognizing revenue when performance obligations are satisfied. The standard provides more specific guidance and requires significantly more disclosures. Technology and telecom companies are expected to be most impacted as it will change how they recognize revenue from bundling of services. India is considering deferring adoption of Ind AS 115 to allow more time for consultation and clarification.
Original air dates:
May 27, 2014 and June 12, 2014
The FASB's new standard on revenue recognition will impact most companies and their internal accounting practices. Are you ready? This new standard for revenue recognition does away with industry guidance in favor of a single contract based model. This will result in significant changes in internal accounting practices for virtually all industries. During this webinar, experts from CBIZ and Mayer Hoffman McCann will discuss requirements of the new standard; the implications of the standard to your business; and timing of the implementation.
The document provides an overview of contract types and selection criteria. It defines key terms like statement of work and discusses different categories of contracts including fixed-price, cost reimbursement, and structured types. For each major contract type there are sub-types described in detail, outlining their characteristics, common applications, benefits, and constraints. The document aims to guide selection of the optimal contract type based on the specific needs, risks, and circumstances involved.
The document discusses some of the complexities in determining whether goods and services in a contract constitute distinct performance obligations or a single bundled obligation under the new revenue recognition standards. Specifically, it examines how to classify a software license and custom programming services, noting that it depends on whether the customer can benefit from the software alone without customization, or if the customizations are so extensive that the software has no value without them. The new rules require organizations to use judgment in making these determinations consistently. Seeking professional advice is recommended when analyzing specific contracts.
This document provides an overview of BFRS 15 (Revenue from Contracts with Customers), including key definitions, the 5-step model for recognizing revenue, and disclosure requirements. It summarizes the major changes from earlier standards, scope and entities covered by BFRS 15. The 5-step model is explained as identifying contracts and performance obligations, determining transaction price, allocating price to obligations, and recognizing revenue when obligations are satisfied. Requirements for disclosing contract balances, disaggregating revenue, and other transaction price related items are also summarized.
IFRS-15 Updated(Amendment in 2020) .pptxarifnizam4
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Revenue Recognition Exposure Draft
1. A Global Reach with a Local Perspective
University of North Alabama
19th Annual Decosimo Accounting Forum
July 22, 2011
www.decosimo.com
Revenue Recognition Exposure Draft
JENNIFER GOODMAN, CPA
Assurance Principal
2. Agenda
Overview and scope of the exposure draft
Current revenue recognition standards
Five steps to the revenue recognition process in the
exposure draft
Overview of key provision of each step
Comparisons to current GAAP
Examples
Other items in proposal
Preparing for new revenue recognition standard
3. Exposure draft overview
June 2010 FASB and IASB each issued exposure drafts
entitled “Revenue from Contracts with Customers”
Benefits:
Remove inconsistencies in existing standards
Provides a more robust framework
Improve comparability across companies, industries and
capital markets
Simplify the preparation of financial statements by
reducing the number of requirements
Applies to ALL entities except for rate-regulated entities
Comment period June 24 – October 22, 2010, almost
1,000 letters received
4. Exposure draft status
Redeliberations were substantially completed at the
June 13-15, 2011 meeting
Numerous revised tentative decisions
Announced IASB and FASB will re-expose proposals
in Q3 2011 for 120 day comment period
Effective date – not yet determined
Why are we talking about the exposure draft now? It
will affect EVERYBODY
Currently the standard would be applied on a
retrospective basis. The board is allowing certain
relief provisions
5. Current GAAP: core principles
Core principle: Revenue is recognized when earned
and realized or realizable.
Primary criteria:
Persuasive evidence of an arrangement exists,
Delivery has occurred or services have been
rendered,
The seller's price to the buyer is fixed or
determinable, and
Collectability is reasonably assured.
6. Exposure draft: core principles
Core principle: An entity will recognize revenue to
depict the transfer of goods or services to
customers in an amount that reflects the
consideration that it receives, or expects to receive,
in exchange for those goods or services.
Primary criteria:
Identification of contract
Identification of performance obligations
Determine transaction price
Allocate transaction price to performance obligations
Recognition of revenue on satisfaction of
performance obligation(s)
7. 5 Distinct revenue recognition steps
1. Identify the contract or contracts with the customer.
2. Identify the separate performance obligations in the
contract.
3. Determine the transaction price.
4. Allocate transaction price to the separate
performance obligations.
5. Recognize the allocated revenue when the entity
satisfies each performance obligation.
8. Step 1 – Identify the contract(s) with the
customer
Key provision: An entity should apply the proposed
guidance to each contract identified.
Contract definition – an agreement between two or
more parties that creates enforceable rights.
9. Step 1 – Contract existence
For a contract to exist:
It must have commercial substance
The parties must approve the contract and be committed
to satisfying respective obligations
The entity must be able to identify each party’s rights
regarding the goods or services to be transferred, and
The entity must be able to identify the terms and manner
of payment for the goods or services.
Additional points:
Contracts need not be written
If party can terminate contract before performance occurs,
contract does not exist for revenue recognition purposes
10. Step 1 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative
decisions thru June 15 2011)
Persuasive evidence of an Contract An entity obtains rights to receive
arrangement must exist existence consideration from the customer
and assumes obligations to
transfer goods or services to the
customer
Presumption that separate Combining Contracts entered into at or near
contracts with the same contracts the same time with the same
entity or related parties customer (or related entity) shall
entered into at or near the be combined if certain criteria are
same time should be met
evaluated as a single
arrangement
11. Step 1 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative
decisions thru June 15 2011)
Components of one contract Segmenting No requirement to segment
should be accounted for contracts contracts into two or more.
separately if each is
proposed and negotiated
separately and cost and
revenues with each can be
identified.
GAAP provides very little Contract Determine if modification
guidance on modifications modifications results in separate
with the result being that performance obligation
diversity in practice as to
when modifications are
recognized.
12. Step 1 – Combining contracts
An entity would combine and account for as single
contract, multiple contracts entered into at or near the
same time with same customer (or related entity) if one
or more criteria are met:
The contracts are negotiated as a package with a
single commercial objective
The amount of consideration in one contract depends
on the other contract, or
The goods or services in the contracts are interrelated
in terms of design, technology or function.
13. Step 1 – Contract modifications
Contract modifications are any change in the scope or price
of a contract. A contract can be modified by either party.
Treatment of contract modifications:
Account for as separate contract if modification results in
the addition of a separate performance obligation at a
price that is commensurate with that additional
performance obligation.
OR
Combine the modification with the contract and reevaluate
the performance obligation and reallocate the transaction
price to each separate performance obligation.
14. Step 2 – Identify the separate performance
obligations
Key provision: An entity shall evaluate the terms of the
contract and its customary business practice to
identify all promised goods or services and
determine whether to account for each as a separate
performance obligation.
What is a performance obligation?
A performance obligation is a promise whether explicit
or implicit in a contract with a customer to transfer a
good or service to the customer. Can be implied by an
entity's business practices, published policies or
specific statements.
15. Step 2 – What are goods and services?
Goods and services include:
Goods produced by an entity for sale (manufacturer)
Goods purchased by an entity for resale (retailer)
Arranging for another party to transfer goods or
services
Standing ready to provide goods or services
Constructing or developing an asset on behalf of a
customer
Granting licenses, rights to use and options, and
Performing a contractually agreed task.
16. Step 2 – Separate vs. bundle
If more than one good or service is provided, the
entity will need to make a determination whether to
bundle or separate the performance obligation.
Account for each promised good or service as a
separate performance obligation only if it is
distinct.
If not distinct, combine good or service with other
promised goods or services until the entity identifies
a bundle of goods or services that is distinct.
In some cases, that would result in an entity
accounting for all the goods or services promised
in the contract as a single performance obligation.
17. Step 2 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative
decisions through June
15, 2011)
Different models several places in Bundling Bundle if entity provides a
GAAP where separating performance service of integrating them
deliverables in a multiple- obligations into a single item that the
deliverable arrangement is entity provides to the
discussed. For example, for customer
construction-type contracts
combine as one unit and apply
percentage completion or
completed contract method
18. Step 2 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative
decisions through June
15, 2011)
Within the Scope of ASC 605-25, Separating The pattern of transfer of
separate if both 1) delivered item performance the good or service is
has standalone value to customer, obligations different from the pattern of
and 2) if arrangement includes transfer of other promised
general right of return related to goods or services in the
the delivered item, delivery or contract, AND the good or
performance of the undelivered service has a distinct
item(s) is considered probable function
and substantially in the control of
the vendor.
19. Step 2 – Distinct performance obligations
Distinct if either:
1. The entity regularly sells the good or service separately,
or
2. The customer can use the good or service either on its
own or together with resources that are readily available
to the customer.
Exception: If entity transfers goods or services at the same time,
it is not necessary to apply the proposed requirements to
each performance obligation separately if accounting for
those obligations together would result in the same
amount and timing of revenue recognition as if they were
accounted for separately.
20. Step 3 – Determine the transaction price
Key provision: The transaction price is the amount of
consideration an entity expects to receive in exchange
for transferring goods or services to a customer.
To meet that objective, an entity would estimate the
transaction price using one of the following methods
depending of which is most predictive of the amount of
entitled consideration:
The probability-weighted amount; or
The most likely amount.
This amount would be allocated to the separate
performance obligations.
21. Step 3 – Variable consideration
Many times the transaction price is readily determinable because
the customer promises to pay a fixed amount of consideration
and it is made near the time of transfer of good or service,
however in some cases, there is variable consideration.
Follow these steps when a contract has variable consideration.
1. Determine the transaction price
2. Allocate the transaction price to the separate performance
obligations in the contract, and
3. Limit the amount of revenue that may be recognized
cumulatively on a contract to amounts that the entity is
reasonable assured of being entitled to receive.
22. Step 3 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative
decisions through June 15,
2011)
Recognize revenue when Uncertainty Recognize revenue at
the fee is fixed/determinable satisfaction of performance
- There is no definition of obligation unless the vendor is
fixed or determinable fees, not reasonably assured to be
instead, literature provides entitled to that amount
examples.
In past, entities may have
recognized revenue when
contingency was met…more
restrictive.
23. Step 3 – Reasonably Assured DETAIL
Indications in which the entity is not reasonable
assured of payment:
Lack of experience with similar type contracts, or
The entity has experience but experience is not predictive
of the outcome of the contract.
Factors that reduce the relevance of an entity’s
experience include:
Consideration is highly susceptible to factors outside the
influence of the entity
Uncertainty not expected to be resolved for long time
Limited experience with similar types of contracts
The contact has a large number of possible consideration
amounts
24. Step 3 – Transaction price other considerations
When determining the transaction price, an entity shall
consider the effects of:
collectability,
the time value of money,
noncash consideration, and
consideration payable to the customer.
25. Step 3 – Collectability
Do not consider effects of credit risk in
measurement of transaction price.
Standard will not include a requirement to assess
the customer’s ability to pay.
Recognize an allowance for expected impairment
loss from contracts with customers. Present as a
contra-revenue account adjacent to revenue line
item.
Current GAAP: Revenue should not be recognized until
collection becomes reasonably assured.
26. Step 3 – Time value of money
An entity should adjust the promised amount of
consideration to reflect the time value of money if
the contract includes a financing component that is
significant to the contract.
An entity would not be required to assess whether a
contract has a significant financing component if the
period between payment by the customer and the
transfer of the goods or services is one year or less.
27. Step 3 – Time value of money example
3 year $30,000 service contract whereby services are
performed monthly assuming interest rate is 5%
Inception
Debit cash, credit contract liability for $30,000
Month 1
Debit interest expense, credit contract liability for
$125
Debit contract liability, credit revenue $775
28. Example of variable consideration
Jan 1, entity enters into contract to provide fund
management services for one year
Customer pays fixed quarterly amounts plus 10% of
any increase in the fund’s value relative to an
observable index at the end of the year
The entity has entered into many similar contracts,
however circumstances surrounding these types of
contracts can change significantly
29. Example of variable consideration
The variable consideration is highly susceptible to
external factors i.e. market risk
The uncertainty cannot be resolved until the end of
the year
There are a large number of possible outcomes
Conclusion – transaction price would be limited to
fixed amount until the end of the year.
30. Step 4 – Allocate the transaction price
Key provision: An entity should allocate the
transaction price to all separate performance
obligations in proportion to the standalone selling
price of the good or service underlying each
performance obligation at contract inception.
The best evidence of a standalone selling price
would be the observable price of a good or service
when the vendor sells it separately.
31. Step 4 – Allocate the transaction price
When estimating standalone prices, maximize the
use of observable inputs and apply estimation
methods consistently for goods or services and
customers with similar characteristics. Suitable
methods:
Expected cost plus a margin (forecast), and
Adjusted market assessment approach (evaluate
market).
32. Step 4 – Comparison to current GAAP
EXPOSURE DRAFT
CURRENT GAAP TOPIC (incorporates tentative decisions
through June 15, 2011)
1) Entity-specific Standalone selling Best: observable price of a good or
objective evidence 2) price service when the vendor sells it
third-party evidence separately OK: estimate.
3) estimate
New guidance is more flexible.
Generally not Residual method Allowed
allowed
33. Example – Allocating Transaction Price
An entity enters into a contract to sell Product A for
$100
Entity gives customer a 40% discount voucher for
future purchases in next 30 days up to $100
Entity intends to offer a 10% discount on all sales
during the next 30 days as part of seasonal
promotion
Discount voucher is a separate performance
obligation
The standalone price of Product A is $100
34. Example – Allocating Transaction Price
Entity estimates an 80% likelihood that customer will
redeem the voucher and purchase on average $50 of
additional products.
Because the entity intends to offer a 10% discount to all
customers as part of seasonal promotion, the 40%
discount needs to be reduced by 10% to 30% to reflect
the incremental value of the discount to the customer.
Conclusion: the entity’s estimated standalone selling price
of the voucher is $12 ($50 x 30% X 80%). The entity
allocates $10.7 ($100 x (12/ ($12 + $100)) of the $100
transaction price to the discount voucher.
35. Step 5 – Recognize revenue when performance
obligation satisfied
Key provision: Recognize revenue when a
performance obligation is satisfied.
In order to transfer a good or service, the customer
must obtain control.
Indications the customer has taken control:
Customer has unconditional obligation to pay
Customer has legal title
Customer has physical possession; exceptions
allowed for consignments and bill and holds.
Risks and rewards of ownership has passed
36. Step 5 – Bill and holds
Still allowed but will now be a part of the guidance
Very similar to current SEC guidance
Fixed schedule of delivery requirement probably
eliminated
Reduce requirements to 4 rules
37. Step 5 – Performance obligation satisfied
EXPOSURE DRAFT (incorporates tentative decisions
TOPIC through June 15, 2011)
Satisfaction of Determine if satisfaction occurs at a point in time or over
performance time.
obligations
Control is Board will describe rather than define. See examples.
transferred
Continuous model Output, input and passage of time methods should be
methods used to recognize revenue over time.
38. Step 5 – Point in time or over time
Identify each performance obligation within a contract
and determine if performance obligation is satisfied:
At a point in time, or
Recognize revenue when control is asset is transferred
to customer.
Over time.
Recognize revenue as performance obligation is
satisfied.
39. Step 5 – Recognize over time
Recognize a performance obligation over time if:
The entity’s performance creates or enhances an asset that the
customer controls as the asset is being created, or
The entity’s performance does not create an asset with an
alternative use to the entity and at least one of the following:
Customer receives a benefit as the entity performs each
task;
Another entity would not need to re-perform the tasks
performed to date by the entity if that other entity where to
fulfill the remaining obligation to the customer, or
The entity has a right to payment for performance to date
even if the customer could cancel the contract for
convenience.
40. Step 5 – Three continuous transfer methods
1. Output methods – Recognize revenue of the basis of
units produced or delivered, contract milestones or
surveys of goods or services transferred to date relative
to the total.
Often result in most faithful depiction.
2. Input methods – Recognize revenue on basis of efforts
expended to date (cost of resources consumed, labor
hours expended, machine hours used) relative total
efforts to be expended.
Entity has to exclude effects of any inputs that do not
depict the transfer of a good or service (abnormal wasted
material, labor or other resources).
41. Step 5 – Three continuous transfer methods
3. Passage of time method – An entity would recognize
revenue on a straight-line basis over the expected
duration of the contract if services are transferred
evenly over time (licenses).
Passage of time method by itself is not appropriate but
may be used as a practical way to apply input and output
measures.
42. Construction contract changes
Variable consideration - use most likely amount
Continuous transfer over time - performance
obligations can be estimated using input methods
Change orders – determine if entity must account for
as separate contract
Separate performance obligation – if distinct and has
separate pattern of transfer
43. Example – Construction contract
An entity enters into a contract to construct a
facility for a customer
Requires engineering (design), procurement and
construction activities
Design is specific to the customer’s requirements
and they are involved in specifying major elements
The entity procures materials and equipment as
they are needed during construction
Customer obtains control of materials and
equipment as they are installed
Construction is expected to take 3 years
44. Example – Construction contract
How would the entity recognize revenue?
(Under current GAAP, combine all activities and apply
percentage of completion or completed contract.)
45. Example – Construction contract
Design services:
Distinct? Yes, construction company regularly sells
design services separately.
When do you recognize? Over time as service is
performed - The vendor’s performance does not
create an asset with an alternative use to the vendor
AND the vendor has a right to payment for
performance to date even if the customer could
cancel the contract for convenience.
46. Example – Construction contract
Procurement service:
Distinct? No, construction company doesn’t
regularly provide procurement services.
Procurement is an activity that is necessary for the
entity to obtain control of the promised materials
and equipment.
When do you recognize? N/A
47. Example – Construction contract
Materials and equipment:
Distinct? Yes, the customer can use the good or service
either on its own or together with resources that are
readily available to the customer.
When do you recognize? At a point in time, recognize
revenue when control is asset is transferred to
customer.
48. Example – Construction Contract
Construction:
Distinct? Divide into separate performance obligations if
the pattern of transfer of the good or service is different
from the pattern of transfer of other promised goods or
services in the contract, and the good or service has a
distinct function.
When do you recognize? Recognize revenue for each
performance obligation over time or with the passage of
time when it is satisfied.
49. Other significant items in exposure draft
Onerous contracts
If the costs outweigh the contract price at any time
during the contract then the contract is considered
onerous.
Once an entity determines a contract is onerous, a
liability should be recorded for the onerous portion.
50. Other significant items in exposure draft
Contract costs
Obtainment – recognize asset for the incremental
costs of obtaining a long-term contract that is
expected to be recovered.
Recognize separately on the balance sheet
Fulfillment – cost incurred in fulfilling a contract do not
give rise to an asset unless:
Recoverable
Generate or enhance resources
Related directly to the contract
51. Other significant items in exposure draft
Warranties
If purchased separately, the warranty is considered its
own performance obligation.
If not purchased separately, the warranty considered
a cost accrual.
52. Other significant items in exposure draft
Breakage revenue
When a pattern of breakage can be estimated
recognize revenue on a proportionate basis.
When a pattern cannot be estimated, recognize
revenue only when the customer’s likelihood of
exercise becomes remote.
53. Presentation and Disclosure
Presentation: When either party to a contract has
performed, the entity shall present the contract as a
contract asset or a contract liability depending on the
relationship between the entity’s performance and the
customer’s performance.
Disclosure: To help users of financial statements
understand the amount, timing, and uncertainty of
revenue and cash flows arising from contracts, an entity
shall disclose qualitative and quantitative information
about:
its contracts with customers; and
the significant judgments, and changes in judgments,
made in applying the proposed
54. WHAT YOU NEED TO DO
Apply the proposed standard to your specific
customer contracts to determine the impact.
It will be challenging to truly know the impact of this
proposed guidance without applying it directly to your
contracts and working through each of the principles.
Are your current internal controls and operating
systems sufficient?
Remember retroactive application
Will the new standard impact debt covenants?
Discuss with your tax preparer.
55. RESOURCES
FASB Proposed Accounting Standards Update –
Revenue Recognition (Topic 605)
FASB In Focus –short 2-page summary of proposal
FASB website – technical plan and project updates
tab
AICPA Accounting and Auditing Brief June 16, 2011 -
good information on redeliberation impact on
exposure draft
Revenue Recognition Guide – Chapter 13 Future
Expectations – Short 13-page summary of exposure
draft however redeliberation impact is not
incorporated
56. CONNECT WITH ME
Jennifer Goodman, CPA
Assurance Principal
423.756.7100
jennifergoodman@decosimo.com
On LinkedIn:
http://www.linkedin.com/pub/jennife
r-goodman/25/7b1/49a
Disclaimer: The contents of this presentation are for informational purposes only. The information is not intended to be a substitute for
professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you may have
regarding your financial goals or specific situations.