Avid 2014 Annual Report Download - page 56

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50
Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts
with Customers (Subtopic 340-40),” (b) Section B, “Conforming Amendments to Other Topics and Subtopics in the Codification
and Status Tables” and (c) Section C, “Background Information and Basis for Conclusions.” The standard outlines a single
comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most
current revenue recognition guidance, including industry-specific guidance.
The new revenue recognition guidance becomes effective for us on January 1, 2017, and early adoption is not permitted. Entities
have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. We have not yet
selected a transition method and are currently evaluating the effect that the updated standard will have on our consolidated
financial statements and related disclosures.