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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Accounting for gift cards

Gift cards can have many benefits for a company. They increase cash flow, bring in new customers and can result in increased income. As beneficial as they can be, when it comes to accounting for gift cards, as well as ensuring that you’re in compliance with various state laws, there’s a lot to be aware …

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