alert-icon
Only limited material is available in the selected language. All content is available on the global site.
Wolters Kluwer Navigation
  • Solutions Directory
  • Careers
  • Investors

About Wolters Kluwer

Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.

About Us
  • About Wolters Kluwer
  • Strategy
  • Our Organization
  • Management
  • Supervisory Board
  • Value Creation
  • Events
Expert Insights
  • All Expert Insights
  • Health
  • Tax & Accounting
  • Finance
  • Compliance
  • Legal
Get Help
  • Contact Us
  • Login
  • View Solution List
  • eShop & Bookstores
  • Media Center
  • News & Press Releases
  • Solutions Directory
  • Careers
  • Investors
PrimaryNav Button
Wolters Kluwer Logo
Search Wolters Kluwer
    No Suggestion
    WK logo

    Visit our global site, or select a location

    • Americas
    • Europe
    • Asia & Pacific
    Brazil
    Home page:
    • Portuguese
    Canada
    Home page:
    • English
    • French
    Latin America
    Home page:
    • Spanish
    United States
    Home page:
    • English
    Current Page:
    • English
    Belgium
    Home page:
    • Dutch
    • French
    Czech Republic
    Home page:
    • Czech
    Denmark
    Home page:
    • Denmark
    France
    Home page:
    • French
    Germany
    Home page:
    • German
    Hungary
    Home page:
    • Hungarian
    Italy
    Home page:
    • Italian
    Netherlands
    Home page:
    • Dutch
    Norway
    Home page:
    • Norwegian
    Poland
    Home page:
    • Polish
    Portugal
    Home page:
    • Portuguese
    Romania
    Home page:
    • Romanian
    Slovakia
    Home page:
    • Slovak
    Spain
    Home page:
    • Spanish
    Sweden
    Home page:
    • Swedish
    United Kingdom
    Home page:
    • English
    Australia
    Home page:
    • English
    China
    Home page:
    • Simplified Chinese
    Hong Kong
    Home page:
    • English
    India
    Home page:
    • English
    Japan
    Home page:
    • Japanese
    Korea
    Home page:
    • English
    Malaysia
    Home page:
    • English
    New Zealand
    Home page:
    • English
    Philippines
    Home page:
    • English
    Singapore
    Home page:
    • English
    Taiwan
    Home page:
    • English
    Thailand
    Home page:
    • English
    Vietnam
    Home page:
    • English
    Primary Navigation
    • Health

      Trusted clinical technology and evidence-based solutions that drive effective decision-making and outcomes across healthcare. Specialized in clinical effectiveness, learning, research and safety.

      Health Overview
      Solutions
      • UpToDateClinical decision support resource
      • OvidThe world’s most trusted medical research platform
      • LexicompEvidence-based drug referential solutions
      • Sentri7 Clinical SurveillanceTargeting infection prevention, pharmacy and sepsis management
      View All Solutions
      Challenges
      • Optimizing Clinical Workflows
      • Improving Patient Safety
      • Leveraging Clinical Decision Support
      • Reducing Clinical Variation
      View All Challenges
      Expert Insights
      • Understanding the RADV final rule from a medical coder
      • Global impact study demonstrates virtual patient simulators enhance clinical education outcomes
      • How can hospitals brace for the financial hit of long COVID?
      • Reviving sepsis care to achieve millions in cost savings
      View All Expert Insights
    • Tax & Accounting

      Enabling tax and accounting professionals and businesses of all sizes drive productivity, navigate change, and deliver better outcomes. With workflows optimized by technology and guided by deep domain expertise, we help organizations grow, manage, and protect their businesses and their client’s businesses.

      Tax & Accounting Overview
      Solutions
      • Tax & Accounting U.S. HubCentral hub for all U.S. solutions
      • CCH Axcess™ SuiteCloud-based tax preparation and compliance, workflow management and audit solution
      • CCH® ProSystem fx®Integrated tax, accounting and audit, and workflow software tools
      • TaxWise®Tax Preparation Software for Tax Preparers
      View All Solutions
      Expert Insights
      • IRS requires all taxpayers to answer digital assets question on 2022 FY Form 1040s
      • SEC staff publishes new financial reporting manual
      • TeamMate Analytics takes off at Singapore Airlines
      • Overlooked benefits of on-premise tax software
      • IRA distributions and federal income tax withholding: IRS Form W-4R mandatory beginning in 2023
      • eBook: 10 must-have tax software features
      • SECURE Act 2.0 impact on IRAs: Some provisions effective now, others delayed
      • What's new on 2022 tax returns?
      View All Expert Insights
    • Finance

      Our solutions for regulated financial departments and institutions help customers meet their obligations to external regulators. We specialize in unifying and optimizing processes to deliver a real-time and accurate view of your financial position.

      Finance Overview
      Solutions
      • CCH TagetikUnified performance management software
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      • Lien SolutionsMarket leader in UCC filing, searches, and management
      • eOriginaleOriginal securely digitizes the lending process from the close to the secondary market
      View All Solutions
      Expert Insights
      • TeamMate Analytics takes off at Singapore Airlines
      • Buyers Guide for Financial Consolidation and Reporting Solutions
      • CPM matrix 2023 by Nucleus Research: CCH Tagetik ranked as Leader for the third consecutive year
      • The Tennessee Comptroller’s Office fulfills its mission and demonstrates that government audit work matters
      • CCH Tagetik ESG & Sustainability on-demand demo
      • Natra
      • From historical financial management to CCH Tagetik
      • Conducting a cultural audit: A holistic approach
      View All Expert Insights
    • Compliance

      Enabling organizations to ensure adherence with ever-changing regulatory obligations, manage risk, increase efficiency, and produce better business outcomes.

      Compliance Overview
      Solutions
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      • TeamMateSolutions suite for auditors
      • EnablonSoftware solutions for risk & compliance, engineering & operations, and EHSQ & sustainability
      • CT CorporationRegistered agent & business license solutions
      View All Solutions
      Expert Insights
      • Highlights from the Wolters Kluwer 2022 Banking Regulatory & Risk Indicator Survey
      • TeamMate Analytics takes off at Singapore Airlines
      • IRS issues additional guidance related to transfers of publicly traded partnership interests under section 1446(f)
      • Psychological safety, the next target in risk management?
      • IRA distributions and federal income tax withholding: IRS Form W-4R mandatory beginning in 2023
      • Compare S corporation vs LLC: Differences & benefits
      • SECURE Act 2.0 impact on IRAs: Some provisions effective now, others delayed
      • On-demand webinar: Beneficial ownership information reporting under the Corporate Transparency Act
      View All Expert Insights
    • Legal

      Serving legal professionals in law firms, General Counsel offices and corporate legal departments with data-driven decision-making tools. We streamline legal and regulatory research, analysis, and workflows to drive value to organizations, ensuring more transparent, just and safe societies.

      Legal Overview
      Solutions
      • Kluwer ArbitrationThe world's unrivalled and indispensable online resource for international arbitration research
      • Enterprise Legal ManagementMarket-leading legal spend and matter management, contract lifecycle management, and analytics solutions
      • Kluwer IP Law The master resource for Intellectual Property rights and registration
      • BizFilings Incorporation services for entrepreneurs.
      View All Solutions
      Expert Insights
      • Compare S corporation vs LLC: Differences & benefits
      • How to start a business: 10 key steps for creating small business success
      • What are the business license requirements for a cannabis business
      • eBook: People, partnerships, and technology
      • Perfecting a security interest in digital assets – Clarification is coming
      • Checklist: Change management best practices for financial services
      • Legal Leaders Exchange: Does your team use these “worst practices”?
      • White Paper: How will the new EU Foreign Subsidies Regulation work?
      View All Expert Insights
    1. Back to Home >
    2. Back to Expert Insights >
    3. FASB Decides to Extend Effective Date of Revenue Recognition...
    blog image
    Tax & AccountingJune 05, 2020

    FASB Decides to Extend Effective Date of Revenue Recognition and Leases Standards for Certain Entities

    By: Wolters Kluwer Tax & Accounting North America United States

    The FASB met on Wednesday, May 20, 2020 and voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote by written ballot.

    Revenue recognition

    For Topic 606, the FASB decided to amend the effective date of Topic 606 for all nonpublic entities that have not yet adopted the new standard. The original proposal would have extended the revenue recognition proposal only for franchisors that are not public business entities, but the FASB extended the relief to all nonpublic entities based on feedback on the proposal. The effective date for the new revenue recognition standard will be extended to annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020. Early application will continue to be permitted.

    The FASB retained the effective date of ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and decided not to align the guidance with the deferral of the revenue recognition standard.

    Leases

    The FASB decided to extend the effective date of Topic 842 for private companies and private not-for-profit entities. For those entities, the effective date of Topic 842 will be for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application will continue to be permitted.

    The effective date has also been extended for not-for-profit entities that have issued or are conduit bond obligors for securities that are traded, listed, or quoted on an exchange or an over-the-counter market (public NFP entities) and which have not yet issued financial statements (or made their financial statements available for issuance) reflecting the adoption of Topic 842. For these entities, the effective date will be for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will continue to be permitted.

    In addition, the FASB clarified that a public not-for-profit that has issued financial information, rather than financial statements, that reflects adoption of Topic 842 is eligible to apply the deferral.

    COVID-19 (coronavirus) resources for tax & accounting professionals

    Wolters Kluwer is right by your side to help you stay up to date with tax and compliance changes and support your ability to work remotely. Please visit our visit our webpage for more resources.

    Keep Reading on CCH® Accounting Research Manager.

    Not a subscriber? Sign up for a Free Trial

    The Wolters Kluwer Logo
    Wolters Kluwer Tax & Accounting North America United States
    Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency.
    Explore related topics
    Expert insightsAuditAccounting and Audit NewsAccounting & Audit StandardsRevenues
    Solutions for Tax & Accounting Professionals

    Tax, accounting, workflow, and firm management solutions to help your firm succeed, with the research tools you need to stay informed.

     

    U.S. Tax & Accounting Hub
    How we help
    Professional Tax Software
    Accounting & Audit
    Tax & Accounting Research

    Related insights

    SEC staff publishes new financial reporting manual
    SEC staff publishes new financial reporting manual FASB defers sunset date of reference rate reform guidance FASB improves certain transition requirements in long-duration insurance guidance

    Related Insights

    • IRS requires all taxpayers to answer digital assets question on 2022 FY Form 1040s
      Article
      Tax & Accounting
      February 03, 2023
      IRS requires all taxpayers to answer digital assets question on 2022 FY Form 1040s
      IRS made several changes to virtual currency question on forms 1040, including changing terminology and expanding what taxpayers must answer yes to.
      Learn More
    • SEC staff publishes new financial reporting manual
      Article
      Tax & Accounting
      February 02, 2023
      SEC staff publishes new financial reporting manual
      Staff in the SEC’s Division of Corporation Finance (Corp Fin) has published a new edition of its Division of Corporation Finance Financial Reporting Manual.
      Learn More
    • TeamMate Analytics takes off at Singapore Airlines
      Case study
      Compliance
      Finance
      Tax & Accounting
      February 02, 2023
      TeamMate Analytics takes off at Singapore Airlines
      Singapore Airlines uses Wolters Kluwer TeamMate Analytics to audit the cost of maintaining and modernizing its fleet, ensuring consistency that meets the needs of the group.
      Learn More
    • Overlooked benefits of on-premise tax software
      Article
      Tax & Accounting
      February 01, 2023
      Overlooked benefits of on-premise tax software
      On-premise tax software can provide a flexible solution that leverages modern integration and automation without relying on the cloud.
      Learn More
    Footer Navigation
    • About Wolters Kluwer
    • Strategy
    • Our Organization
    • Management
    • Supervisory Board
    • Value Creation
    • News & Press Releases
    • Events
    • Solutions Directory
    • Health
    • Tax & Accounting
    • Finance
    • Compliance
    • Legal
    • Expert Insights
    • Careers
    • Investors
    • Sitemap
    • Site Owner
    Follow Wolters Kluwer US
    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
    • YouTube
    Wolters Kluwer Logo

    When you have to be right

    • Terms of Use
    • Privacy & Cookies

    © 2023 Wolters Kluwer N.V. and/or its subsidiaries. All rights reserved.

    Back To Top