The effective date for FASB’s revenue recognition standard is just around the corner and many community banks will be adopting at the beginning of 2019. The ASU puts in place a common framework for recognizing revenue, largely replacing the industry-specific revenue recognition guidance in GAAP. While the income statement impacted has not been significant for most financial institutions, the revenue streams still need to be evaluated and documented. In addition to sharing observations on the implementation, this session will cover the new disclosures and internal control considerations.
• Understanding how to evaluate revenue under the new standard as well as walking through examples and disclosures that are relevant to community banks