The article focuses on the new revenue recognition standard known as Accounting Standards Codification (ASC) 606 or International Financial Reporting Standard (IFRS) 15. Topics covered include the need for tax professionals to learn about the new accounting revenue to comply with the U.S. Tax Cuts and Jobs Act of 2017, the impact of ASC 606 on revenue reporting, and aligning taxable and accounting revenue.
Bloom, Robert, "ASC 606 AND TAXABLE REVENUE: The new revenue recognition standard combined with tax code changes introduced by the Tax Cuts and Jobs Act will impact when taxable revenue is r" (2019). 2019 Faculty Bibliography. 22.
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