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Revenue Recognition Issue 3 – Identify the Contract

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 >>

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Revenue Recognition Issue 2 – Basics of Revenue Recognition: The 5 Step Approach

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 >>

Revenue Recognition Issue 1 – Introduction to Revenue Recognition: Why You Should Care

    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 >>

Lease Accounting: Not As Far Away As It Seems

With the massive changes coming to revenue recognition, it’s easy to forget that there are also some significant changes to lease accounting closely following. The new lease standard supersedes FASB ASC 840 and becomes effective for non-public companies for. Read More >>

Show Me the Money (and where it goes): The New Revenue Recognition Standards

  There aren’t many instances when the accounting industry faces a game changer. But with the new Revenue Recognition Standard FASB has put in place, that’s exactly what every company will experience in its day-to-day accounting practices. To make. Read More >>

Accounting for Contract Exchange vs. Contribution

Revenue Recognition Your Nonprofit Should Know Distinguishing the various types of nonprofit revenue transactions can be tricky, especially when it comes to contributions versus contract exchange revenue. And with the implementation of the new Financial Accounting Standards Board (FASB). Read More >>

New Revenue Recognition Standard: Changes for Long-Term Contracts

For six years now, construction industry leaders and accounting professionals have been nervously following the progress of a new revenue reporting standard that was being developed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board. Read More >>