Articles & Publications

We are pleased to announce that Karyn M. Sullivan, CPA, Chief Operating Officer at BMF, has been selected as a member of the Leadership Cleveland Class of 2019. Now entering its eleventh year, Leadership Cleveland is an intensive 10-month. Read More >>

In one of the most significant changes to U.S. GAAP in years, the new revenue recognition standards go into effect for private companies for years beginning after December 15, 2018. For many, this will require significant effort to evaluate. Read More >>

In many contracts with customers, the transaction price is fairly obvious; however, oftentimes it is not and requires significant interpretation. For example: Are there variable pricing components under the contract (like rapid payment incentives, quantity purchase discounts, penalties for late. Read More >>

Contract accounting is extremely complex. As you work to implement the new revenue recognition standards, you need to review and document your customer contracts to determine which provisions within the contract provide for separate performance obligations (or deliverables) to. Read More >>

Improper revenue recognition has long accounted for a substantial portion of financial statement fraud. By simply recording revenue early, a dishonest business seller trying to inflate the sale price or an employee under pressure to meet financial benchmarks can. Read More >>

When tax reform passed in December last year, corporations received a lower tax rate of 21%, while rates were slightly reduced for individuals. To give a similar benefit to businesses organized as pass-through entities tax reform enacted a 20%. Read More >>

Contracts can take many forms. Some contracts are formal, some are written agreements, some are in the form of purchase orders, and some may be just oral understandings. At the time of revenue recognition, you would need to assess. Read More >>

News of commercial database hackings involving millions of people’s personal information seems commonplace. While many of these stories focus on bank and credit card accounts, many plan sponsors and participants don’t realize that 401(k) plan assets may be at. Read More >>

The Five Step Approach The new revenue recognition standards require the use of a five-step approach in determining how to recognize revenue on your financial statements. The five steps established by the rules are as follows: 1. Identify the. Read More >>

    What is it? On May 28, 2014, accounting rule makers (FASB and IASB) adopted new standards for recognizing revenue in your financial statements from customer contracts. Revenue is the single largest line item in most companies’ financial. Read More >>