FASB issues Post-Implementation Review Report for its Revenue Recognition Standard
FASB issues Post-Implementation Review Report for its Revenue Recognition Standard
The Financial Accounting Standards Board (FASB) has issued a report on the Post-Implementation Review (PIR) of ASC Topic 606 Revenue from Contracts with Customers.
The FASB staff reached the following conclusions at the end of the PIR process:
The FASB staff reached the following conclusions at the end of the PIR process:
- Topic 606 accomplishes its stated purpose
- The benefits of Topic 606 justify its implementation and ongoing compliance costs
- The Revenue PIR process provided timely feedback to improve the standard-setting process