New revenue recognition standard: subscription based organizations

After almost five years of talking about it, the long-anticipated revenue recognition standard is now being employed by the public filers. Private companies still have some time, but don’t procrastinate. There is a lot you need to do in 2018 to be able to apply the standard and the full or modified retrospective application. How …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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Time’s almost up to comment on revenue recognition

It’s coming, are you ready for it? Do you remember the revenue recognition standards? In our last two blogs, we discussed the government accounting standards board working on a new revenue/expense recognition project. This has huge implications on government accounting. The research phase of the project has been completed and now the board is on …

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New revenue recognition standard, time to get ready

Accounting standards are constantly evolving, with new ones issued from the Financial Accounting Standards Board (FASB) every year. Many times, they have no impact to most private companies. However, the FASB’s new revenue recognition standard is expected to have one of the most far-reaching impacts seen in quite some time. Even if it doesn’t change …

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New revenue, expense recognition considerations Part II

GASB is looking to address expanded guidance on revenue for classification and recognition through either the Exchange/Non-Exchange Model or the Performance/No-Performance Obligation Model. This blog will provide a brief overview of the Performance Obligation Model. If you missed our post on the Exchange Model, click here. Performance Obligation Model The Performance Obligation Model classifies a …

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Considerations for new revenue, expense recognition

GASB is currently looking to address expanded guidance on revenue for classification and recognition through one of two primary ways: Exchange/Non-Exchange Model, or Performance/No-Performance Obligation Model This blog will provide a brief overview of the Exchange Model. The Exchange Model The Exchange Model classifies an exchange transaction as when each party receives and gives up …

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