Program Topic: New Standard of Revenue Recognition

Overview:

In May 2014, FASB, recognized by the SEC as the creator of  accounting standards, issued an Accounting Standards update regarding Revenue Recognition for all entities.  The new standard takes effect for most companies in 2018.  The resources listed below provide  an overview of the new Revenue Recognition Standard.

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Key Resources:

1)YouTube:

https://www.youtube.com/watch?v=I7FWLGGOEdk&t=9s

Description: This YouTube video outlines the new Revenue Recognition standard.  It was created by GAAP Dynamics, a professional accounting and auditing training team.  The strength for this resource is that it comes from a reliable source, an expert team of Certified Public Accountants with extensive knowledge of GAAP.  A weakness with this source is that it is not a primary source.  Another weakness is that it is not a high-level academic source because it is used to just explain basic concepts.

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2)Professional Organization Website:

http://www.fasb.org/jsp/FASB/Page/BridgePage&cid=1351027207987

Description: This is the Website for the Professional Organization that actually issued the new accounting standard for Revenue Recognition, FASB.  Thus, the strength of this website is that it is a primary source from the organization that directly made the new standard.  A weakness may be that this source is hard to understand to the average reader because it uses highly technical terminology and material on the website.

 

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3)Academic Journal:

http://osu.worldcat.org.proxy.lib.ohio-state.edu/oclc/4332746973

Description: This article is called, “New GAAP for multiple deliverables: revenue recognition changes require businesses to disclose more about transactions,” and it explains implications of the new revenue standard for public companies.  The sources strength is that is from a credible source, The Journal of Accountancy Publication.  A weakness is that it is a secondary source, and it uses highly technical language hard to decipher for the average reader.

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4)Writing From Expert on the Subject:

http://www.journalofaccountancy.com/newsletters/2016/mar/revenue-recognition-standard-in-plain-english.html

Description: This article from an expert source is called “The New Revenue Recognition Standard in Plain English.”  The sources strength is that it was written by a reliable source, a Certified Public Accountant.  A weakness is that it focuses mainly on the broad concepts of the new principle, and it leaves out  significant details.

5)Book:

http://osu.worldcat.org.proxy.lib.ohio-state.edu/oclc/956350384

Description: This book entitled, “The New Revenue Recognition Standard: Assessing the Impact and Implementation,” explains the new standard in detail.  A weakness of the source is that the author is not a primary source, and does not work for FASB.  A strength is that it cites the primary source, the FASB website.