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2019•Carroll Collected (John Carroll University)Open access

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

Robert L. Bloom

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Abstract

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.

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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.

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Available abstract

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.

Key concepts: Taxable income, Revenue, Business, Tax revenue, Code (set theory), Internal revenue, Finance, Accounting

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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 — Research Paper | ScholarLens