Posted by Julie Killian on July 11, 2017
Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue from Contracts with Customers: Topic 606). 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 and will significantly change 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 …
By now companies know that big changes are coming to their US Generally Accepted Accounting Principles (GAAP) financial statements. Now is the time for …
15 years in the making, new revenue recognition standard has CPA firm coaching clients for change as 2018 and 2019 deadlines are phased in
Posted by Clayton & McKervey on May 8, 2017
“This is not your typical accounting standard change; if you have contracts and you have customers, you are likely going to be impacted” …
Posted by Julie Killian on April 18, 2017
The accounting industry identified the need to form a global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.
Posted by Julie Killian on March 27, 2017
The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.