In May 2014, the FASB and the IASB published their largely converged standards on revenue recognition—ASU 2014-09 and IFRS 15, both titled Revenue from Contracts with Customers—which superseded and replaced virtually all existing U.S. GAAP and IFRS revenue recognition guidance, affecting almost every revenue-generating entity. Since then, the FASB has also issued various Accounting Standards Updates containing technical amendments designed to clarify and expand on this new guidance.
The 2025 edition of our revenue guide, Revenue from Contracts with Customers: Navigating the guidance in ASC 606 and ASC 340-40, has been updated to reflect technical amendments issued after December 2018 and features new illustrative examples and additional Grant Thornton insights. Appendix B summarizes the changes in this edition compared to the previous version of this publication.
In this guide, you will find
- Select FASB examples and guidance
- Discussions, insights, and examples from the Joint Transition Resource Group for Revenue Recognition (TRG) meetings
- Grant Thornton insights on various topics
- Practical insights on how the guidance might differ from legacy GAAP
- Illustrative examples to demonstrate how to apply the guidance
Contacts:
Sandy Heuer
Partner
Accounting Principles Group
Minneapolis, Minnesota
Christine Janis
Partner, Audit Services, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Christine has over 20 years of experience serving large accelerated filer public companies, as well as private companies in start-up and growth phases, primarily in the technology industry, including tech manufacturing and software/SaaS.
San Francisco, California
Industries
- Manufacturing, Transportation and Distribution
- Technology, Media and Telecommunications
Service Experience
- Audit & Assurance
Susan Mercier
Partner
Accounting Principles Group
Metro DC - Arlington, Virginia
Carolyn Warger
Senior Manager
Accounting Principles Group
Boston, Massachusetts
Content disclaimer
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