REVENUE RECOGNITION

Effective Dates For ASC 606 and ASC 842 Deferred by FASB

With the COVID-19 pandemic bringing unexpected challenges over the course of the last few months, FASB has officially issued Accounting Standards Update (ASU) 2020-05 providing privately-held entities and private nonprofit organizations with a one-year deferral of the ASC 606, Revenue from Contracts with Customers, effective dates, and ASC 842, Leases. The newly passed ASU 2020-05 will postpone [...]

Revenue Recognition Implementation for Common Interest Realty Associations

Background The Financial Accounting Standards Board (FASB) approved a new revenue recognition standard, Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606” or the “revenue recognition standard”). The revenue recognition standard applies to most organizations and businesses, including condominium and homeowner associations, because an Association’s relationship with its members generally meets the [...]

2020-06-18T16:09:16-04:00January 27th, 2020|COMMUNITY ASSOCIATIONS, REVENUE RECOGNITION|

IRS Opens a Small Window to Reconsider Bonus Depreciation Elections

The enactment of the Tax Cuts and Jobs Act (TCJA) in December of 2017 led to one of the more chaotic tax filing seasons in recent memory. The new law included several provisions that affected bonus depreciation treatment and calculations, and some taxpayers may have filed their returns without fully considering the different options that [...]

2019-08-07T14:12:48-04:00August 7th, 2019|INDIVIDUAL TAX, REVENUE RECOGNITION|

What Public Entities Can Teach Us About Revenue Recognition

Any new accounting standard can throw us for a loop, but the new revenue recognition standard has made an especially strong impact. Not all revenue-generating activities fall under the purview of the new standard, but the changes are far-reaching and will affect a multitude of revenue streams in almost all industries. Public organizations should have [...]

2020-06-18T16:35:54-04:00February 28th, 2019|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations

Additional Articles in the Series Step 1, Identifying Contracts Step 3, Determining Transaction Price Step 4, Allocating the Transaction Price Step 5, Recognizing Revenue Step 2 of Revenue Recognition: Identify Performance Obligations Identify Customer Contracts Identify Performance Obligations Determine Transaction Price Allocate Transaction Price Recognize Contract Revenue [...]

2020-06-18T16:45:04-04:00May 24th, 2017|JUNE 2017, REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue

Additional Articles in the Series Solving the Revenue Recognition Maze: Step 1, Identifying Contracts Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price Identify Customer Contracts Identify [...]

2020-06-18T16:41:29-04:00March 28th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price

Additional Articles in the Series Solving the Revenue Recognition Maze: Step 1, Identifying Contracts Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price Solving the Revenue Recognition Maze: Step 5, Determining Transaction Price Step 4 of Revenue [...]

2020-06-18T16:49:24-04:00March 28th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price

Additional Articles in the Series Solving the Revenue Recognition Maze: Step 1, Identifying Contracts Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue Step 3 of Revenue [...]

2020-06-18T16:44:19-04:00March 27th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

Additional Articles in the Series Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue Step 1 of [...]

2020-06-18T16:39:48-04:00March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|