This standard will likely have the most widespread impact of any accounting standard in FASB history. And financial institutions’ borrowers will also have a road to adoption. This road could cause a change in financial reporting that loan officers and other executives should understand.
Our revenue recognition resource guide for financial institutions highlights some of the top topics on revenue recognition for financial institutions, including:
- Credit card interchange fees
- Loyalty point programs
- Asset management performance-based fees
- Sale of other real estate owned (may be of benefit for early adoption)
- Deposit account fees
- Sale/Leaseback transactions (may be of benefit for early adoption)
Download our Revenue recognition resource guide for financial institutions to help your institution transition to the new standard.