…revenue recognition for not-for-profit entities, including key points associated with FASB Codification 606 (Revenue from Contracts with Customers) and ASC 958-605 (Not-for-Profit Entities Revenue Recognition). The discussion revolved around the…
Your insights into the new five-step process for revenue recognition, potential challenges for engineering and construction contractors, and accounting considerations.
…Standards Update (ASU) 2020-05, which delays the effective dates of the new revenue recognition standards and lease standard for certain entities. The delays were first proposed in April 2020 as…
…Email | Phone: 804.747.0000. Read more on revenue recognition: New Revenue Recognition Standard: Construction Industry Impact High Level Look at Disclosures Required for Revenue Recognition Revenue Recognition: Contract Enforceability Provisions…
Section 451(b): Overview and Tax Planning Considerations for Businesses Key Takeaways TCJA implemented a new income recognition metric for accrual basis taxpayers “All-events” test had been the applicable standard for…
…service warranties, which are within the scope of ASC 606 Certain nonmonetary exchanges What are the Revenue Recognition Changes? Due to the wide range of applicability of the standard, most…
…using the alternative cost method (ACM). This revenue procedure is effective for taxable years beginning after December 31, 2022. The new revenue procedure makes Revenue Procedure 92-29 obsolete. As a…
Topic 606: A revenue recognition refresher for construction entities Since Topic 606 Revenue from Contracts with Customers was introduced, entities have had to evaluate transactions through the unified five step…
…Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-05, which granted a one-year delay on the required implementation dates of the new lease and revenue recognition standards for certain entities….
…recognition such proper selection of contract accounting method, cost to cost accounting concerns, and identification and implementation of the new revenue recognition standard. Revenue recognition is a hot topic in…
…progress Work in progress Deferred revenue Payments received or receivable in excess of revenues earned These alternatives acknowledge the changes implemented with ASC 606 regarding revenue recognition measured as a…
…has received regional, statewide, and national recognition for our commitment to our clients, community, and employees. Here are just a few examples of recent awards and recognition that our Firm…