Preparing for ASU 2014-09: Revenue from Contracts with Customers: Impacts on the Software Industry

• In Event: Developing Research in Financial Accounting and Auditing

Abstract

The Financial Accounting Standards Board (FASB) issued ASU 2014-09: Revenue from Contracts with Customers (ASU 2014-09) in May 2014. The standard is effective for annual and interim periods beginning after December 15, 2016 and early application is not permitted unless a firm reports under IFRS. The FASB is now considering delaying the effective date for US GAAP firms. However, since firms must present comparative years for financial statement reporting, firms must design systems to collect information now.

Authors

• Natalie T Churyk, Northern Illinois University

• Alan Reinstein, Wayne State University

• Brian Rick, BDO