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…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…
…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…
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…
…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…
…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…
…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…
Committed to Supporting Veterans in the Accounting Industry Keiter is pleased to receive the Virginia Values Veterans (V3) Program Certificate. The goal of the V3 program is to “help Veterans…
…804.747.0000 Additional Resources: New Tax Benefits for Qualified Opportunity Zone (QOZ) Investments Limitations on Investment Expense Deductions under the Tax Cuts and Jobs Act Revenue Recognition Changes for Private Companies…
…Budget). The revenue proposals contained in the Budget are the American Jobs Plan and American Families Plan. The following is a summary of selected revenue provisions contained in the Budget…
…full-time hiring numbers and received national recognition for their internship program. Results 39 interns and 36 externs in 2024- exceeding previous years 24 full-time hires, leading to a 5.2% increase…