BREAKING NEWS

Announcing our new Cyber Technology Group

We are excited to announce our new practice area, BMF Cyber Technology Group. This new service line will offer a package of high-level IT, network and cybersecurity solutions, and a unique component of IT executive coaching.

Articles & Publications

Disaster Planning: Plan for the Possible

  “One cannot plan for the unexpected.” – Aaron Klug   According to the Institute for Business and Home Safety, an estimated 25% of businesses don’t reopen following a major disaster. The Federal Emergency Management Association (FEMA) paints an. Read More >>

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Cash is King: Lessons Learned from Economic Downturns

When the stock market took a precipitous plunge this past December, there was immediate chatter on the possibility of sliding into another recession. It occurred to me that not only have we gone nearly ten years without a recession,. Read More >>

Revenue Recognition Issue 13 – Footnote Disclosures

The finale of our series. At the beginning of this series, we mentioned that revenue is the single largest line item in most companies’ financial statements, and yet when you look at footnote disclosures, you will see that in. Read More >>

Revenue Recognition Issue 12 – Special Focus: Nonprofit

The good news for nonprofits is that contribution revenue was determined by the accounting standard setters to be “out of scope” for these new standards. Accordingly, no assessment of contribution revenues is required; however, these organizations don’t just get. Read More >>

Revenue Recognition Issue 11 – Special Focus: Service

The Service Industry can be complicated in terms of revenue recognition. In professional services, contracts (whether express or implied) may provide that contractors can bill by the hour or by the project, and terms may allow for progress billing. Read More >>

Revenue Recognition Issue 10 – Special Focus: Distribution

Companies that focus their efforts strictly in distribution may not think there is much change that could be required to their methods of revenue recognition. After all, they just take someone else’s product and ship it to their own. Read More >>

Revenue Recognition Issue 9 – Special Focus: Manufacturing

Sales in a manufacturing environment can take a wide variety of directions that would result in significantly different revenue recognition timing on a company’s financial statements. If your operation makes a very simple product that is sold on a. Read More >>

Revenue Recognition Issue 8 – Special Focus: Construction

As the new standards are being rolled out, the construction industry needs to address these standards as well as the unique accounting issues that the construction contractor faces with preparing their annual financial statements. There are several unique items. Read More >>

Revenue Recognition Issue 7 – Recognize Revenue When/As Performance Obligations Are Satisfied

Now that you have identified the contract and the underlying performance obligations, gathered information to assess the transaction price, and allocated the transaction price to the individual performance obligations, in this final step you’ll need to determine when to. Read More >>

Revenue Recognition Issue 6 – Allocate Transaction Price to Performance Obligations

Now that the transaction price has been identified under the contract, an analysis should be performed to allocate the transaction price amongst the performance obligations under the contract. These allocations will not always be obvious and will require significant. Read More >>