…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…
…Key insights on revenue sharing arrangements The new FinREC recommendation offers guidance regarding accounting for revenue sharing arrangements in accordance with FASB ASC 606, Revenue from Contracts with Customers. FinREC…
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…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…
…exchange transaction is present. Used when an exchange transaction DOES NOT relate to the organization’s mission. Separately accounted for from contractual obligations. Removed from deferred revenue and recognized as revenue…
…for Engineering and Construction Companies What Engineering and Construction Contractors Need to Know About FASB ASC 606 – Revenue from Contracts with Customers New Revenue Recognition Standard: Construction Industry Impact…
SBA PPP LOAN FORGIVENESS RULES New IRS Revenue Ruling 2020-27: Important Tax Details for Paycheck Protection Program Loan Recipients On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue…
…operation on January 1, 2019, equals the lesser of 45 percent of their 2019 (pre-pandemic) gross earned revenue or 10 million dollars Grants for entities that began operation after January…
…Failure to test whether revenue recorded was accurate, including components that determine revenue. Failure to test whether performance obligations were distinct and satisfied prior to revenue recognition. Failure to test…
…sale of digital assets constitutes revenue. In this case, the revenue should be recognized once the control of the digital assets has transferred. The revenue should be recognized in accordance…
…ASC 958-605, which provides guidance on recognizing revenue specific to not-for-profit organizations. Under this guidance, the loan would be accounted for as other purpose-restricted grants. It would be recognized initially…
…revenue and expenses derived from all activities “not substantially related” to their exempt function for the purpose of calculating their Unrelated Business Taxable Income (UBTI) in compliance with section 511(a)(1)….