…revenue recognition standard continues, these industry specific items are important to consider to ensure GAAP compliance. For more information on all of the significant changes to the revenue recognition process,…
…the new revenue recognition standard. Article 3 in a 3 part series Adopting the new revenue recognition standard, FASB ASC 606 – Revenue from Contracts with Customers, may pose numerous…
The Financial Accounting Standards Board (FASB) issued its new standard on revenue from contracts with customers (ASU 2014-09) in May of 2014. The standard will replace all existing revenue recognition…
…Franchisor Revenues Revenue Recognition for Private Social Clubs High Level Look at Disclosures Required for Revenue Recognition New Revenue Recognition Standard: Manufacturing, Distribution and Retail Industry Changes New Revenue Recognition…
Understanding Revenue Recognition Guidance In 2014, the FASB issued their much anticipated and finalized standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASC 606). ASC 606 replaces…
…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…
…to some extent. However, for construction entities, this new revenue recognition standard will replace construction contract literature and substantially all the existing construction revenue recognition guidance currently in practice; including…
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…
…audit deficiencies in the following areas: Testing the recognition of revenue from contractual arrangements Evaluating the presentation of revenue—gross versus net revenue Testing whether revenue was recognized in the correct…
…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…
…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…
…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…