Wiley revenue recognition : understanding and implementing the new standard / Joanne M. Flood.

Includes bibliographical references and index.

Includes index.

Print version record.

Wiley Revenue Recognition plus Website: Understanding and Implementing the New Standard; Contents; Executive Summary; What Is Revenue?; Revenue versus Gains; IFRS; The New Revenue Standard; Development of Revenue Guidance; U.S. GAAP; IFRS; The Revenue Recognition Project; The New Standards; Project Goals; Effective Dates; Collectibility Thresholds; Interim Requirements; Promised Goods Or Services Immaterial in the Context of the Contract; Presentation of Sales Taxes; Shipping and Handling Activities; Noncash Consideration; Licensing; Completed Contracts.

Practical Expedient for Contract Modification-Date of ApplicationDisclosure Relief for Nonpublic Entities; Impairment Loss Reversal; Scope; Scope Exceptions; Example ES. 1: Nonmonetary Exchanges to Facilitate Sales to Customers or Potential Customers; Contracts Partially in Scope; Example ES. 2: Contract Partially Out of Scope; Sale of Transfer of Nonfinancial Assets; Effective Dates; Changes to Effective Dates; Other Changes to the Standard; Implementation Options; Full Retrospective Approach; Modified Retrospective Approach; Objective of the Standard.

Core Principle and the Five Steps of the Revenue Recognition ModelExample ES. 3: Application of the Core Principle Through the Five Steps; Disclosures Required By the Standard; Forming and Documenting Professional Judgment; Disclosures Required for a New Standard; Other Changes Included in the Standard; Sec Response; Industry-Specific Guidance Superseded; Aicpa Industry Committees; Changes to Industry-Specific Guidance; Transition Resource Group; Appendix: Status of Issues Brought to the Boards; 1: Step 1-Identify the Contract With the Customer; Overview.

Assessing Whether Contracts Are Within the Scope of the StandardEnforceable Rights and Obligations; The Five Contract Criteria; Example 1.1: Oral Contract; Example 1.2: Product Delivered, but No Written Contract Exists; Example 1.3: Contract Extension; Example 1.4: Meeting the Termination Criteria; Collectibility Threshold; Comparison with Legacy Guidance; Differences between IFRS and U.S. GAAP; Assessing Collectibility; Example 1.5: Assessing Collectibility-Implied Price Concession; Example 1.6: Assessing Collectibility-Meeting the Collectibility Threshold; Contract Recognition.

Arrangements Where Contract Criteria Are Not MetExample 1.7: No Contract Exists-Accounting for Consideration Received; Reassessment; The Portfolio Approach and Combining Contracts; A Practical Expedient; Combination of Contracts Required; Assessing Collectibility of a Portfolio of Contracts; Identifying the Customer; Collaborative Arrangements; Example 1.8: Collaborative Arrangement; Arrangements with Multiple Parties; 2: Step 2-Identify the Performance Obligations; Overview; Promises in Contracts With Customers; Implicit Promises; Goods to Be Provided in the Future.

Example 2.1: Implied Performance Obligation.