Autodesk 2016 Annual Report Download - page 153
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2016 Form 10-K 81
ASU 2015-05 may be applied either prospectively to all arrangements entered into or materially modified after the effective
date or retrospectively. Autodesk does not expect ASU 2015-05 to have a material impact on its consolidated financial
statements.
In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09") regarding ASC Topic 606
“Revenue from Contracts with Customers.” ASU 2014-09 provides principles for recognizing revenue to depict the transfer of
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 to defer the effective date by one year
with early adoption permitted as of the original effective date. ASU 2014-09 will be effective for Autodesk’s fiscal year
beginning February 1, 2018 unless we elect the earlier date of February 1, 2017. In addition, the FASB issued ASU 2016-08 in
March 2016, to help provide interpretive clarifications on the new guidance in ASC Topic 606. Autodesk is currently
evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial
statement impact of adoption.
2016 Annual Report