- US GAAP
Since the original release of the revenue standard, the FASB and IASB, along with stakeholders from all industries, have focused on implementation efforts related to the standard’s adoption. In June 2014, a joint FASB/IASB transition resource group (TRG) for revenue recognition was created to discuss implementation issues related to the revenue standard and help the boards resolve any such issues that could give rise to diversity in practice. There have been eight TRG meetings (including two FASB-only TRG meetings), at which 52 staff papers in aggregate were discussed. The feedback the FASB received through these meetings resulted in the issuance of (1) multiple ASUs amending aspects of ASC 606 and related topics in the FASB Accounting Standards Codification and (2) the FASB staff’s Revenue Recognition Implementation Q&As compiled from previously issued educational materials.
In addition, the 16 AICPA revenue recognition industry task forces have produced industry-specific interpretive guidance on the revenue standard. The task forces have developed updates to the AICPA’s industry guides that address over 130 accounting matters related to revenue recognition, presentation, and disclosure.
The SEC staff has been active as well. In addition to monitoring implementation efforts and discussing its expectations for transparent disclosures, the staff has updated its revenue guidance with the issuance of SAB 116, which effectively supersedes SAB Topic 13.
The 2022 edition of this Roadmap includes updated and expanded discussions; new sections and illustrative examples; links to short videos that highlight certain aspects of accounting for revenue; and On the Radar, a section (also available as a stand-alone publication) that briefly summarizes key issues related to the accounting and financial reporting topics addressed in the Roadmap.