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Major changes proposed to GAAP for revenue recognition

Major changes proposed to GAAP for revenue recognition 2026

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The document discusses major proposed changes to the revenue recognition standards under U.S. GAAP and IFRS, initiated by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It outlines the shift from the traditional earnings process model to a new asset-liability model, which recognizes revenue based on changes in contract assets and liabilities. The paper details the rationale for this change, examines alternative criteria considered for revenue recognition, and summarizes feedback received from stakeholders regarding the proposed model.

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What are two major changes when comparing the new revenue recognition guidance under ASC 606 and IFRS 15 versus the old standard?

While both ASC 606 and IFRS 15 require entities to assess shipping and handling in terms of disclosure and performance obligations, ASC 606 may place a more specific emphasis on separate disclosure, whereas IFRS 15 takes a broader approach to comprehensive revenue disclosure without a specific mandate for segregating

What are the changes in GAAP 2025?

One of the docHub updates in the 2025 GAAP is the introduction of guidelines on how companies should present their income statement expenses. Specifically, businesses will now be required to disaggregate expenses into function and nature categories.

What is the new ASC 606 for revenue recognition?

Under ASC 606, revenue is recognized when control of goods or services is transferred to the customer, and it requires companies to disclose more detailed information about their revenue streams.

What does GAAP say about revenue recognition?

Under the GAAP framework, revenue recognition is a critical principle that requires revenue to be recorded in the income statement when it is realized and earned, irrespective of the cash receipt timing.

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