Kansas City, Missouri – January 2, 2019: Two accounting standards set by the Financial Accounting Standard Board (FASB) in its Generally Accepted Accounting Principles (GAAP) will become effective in 2019 impacting the use of the derecognition accounting technique of taking breakage to revenue by debiting liabilities and crediting income with respect to stale prepaid cards and codes.
Topics 405 becomes effective in 2019 for _______. Topic 606 becomes effective in 2019 for ______________.
Card Compliant is a leading provider of services regarding the use of the derecognition accounting technique. The company also was a stakeholder actively involved with the FASB in the setting of both Topic 405 and 606.