Revenue Recognition – Step 2

Posted by Julie Killian on September 8, 2017

Julie Killian

Over the past several months, information has been provided about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB). The standard replaces the current revenue guidance found in multiple places in the FASB codification, and provides a single comprehensive standard that will apply to nearly all industries, significantly changing how revenue is recognized. The standard provides a five step process for recognizing revenue, as follows: Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price for the contract Allocate the transaction price to each specific performance …

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Tips for a Smooth Audit

Posted by Julie Killian on September 14, 2016

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth …

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Julie Killian

Director of Assurance

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