REVENUE RECOGNITION Archives - Carr, Riggs & Ingram CPAs and Advisors

Revenue Recognition Implementation for Common Interest Realty Associations
Revenue Recognition Implementation for Common Interest Realty Associations

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 [...]

Kendal Diehl2020-01-27T17:01:07-05:00January 27th, 2020|COMMUNITY ASSOCIATIONS, REVENUE RECOGNITION|

IRS Opens a Small Window to Reconsider Bonus Depreciation Elections
IRS Opens a Small Window to Reconsider Bonus Depreciation Elections

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 [...]

Kendal Diehl2019-08-07T14:12:48-04:00August 7th, 2019|INDIVIDUAL TAX, REVENUE RECOGNITION|

What Public Entities Can Teach Us About Revenue Recognition
What Public Entities Can Teach Us About 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 [...]

Kendal Diehl2019-03-04T12:08:25-05:00February 28th, 2019|REVENUE RECOGNITION|

The FASB Clarifies How Nonprofits Should Account for Contributions
The FASB Clarifies How Nonprofits Should Account for Contributions

The FASB Clarifies How Nonprofits Should Account for Contributions

Accounting Standards Update (ASU) 2018-08, titled Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, was released by the Financial Accounting Standards Board (FASB) on June 21. It clears up some of the more ambiguous facets of the new revenue recognition model that will go into effect for most nonprofits at [...]

Mary Alison Capps2018-12-11T15:17:32-05:00November 20th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

The Impact of Revenue Recognition on Nonprofits
The Impact of Revenue Recognition on Nonprofits

The Impact of Revenue Recognition on Nonprofits

Organizations across many industries are changing their processes to prepare for the Financial Accounting Standard Board’s (FASB’s) new revenue recognition standard. Amidst all of the discussion and information about the revenue recognition changes are questions such as, “Do the changes impact not-for-profit entities? If so, when and how?” The first part of the answer is [...]

CRI2019-09-04T16:22:31-04:00November 18th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

Nonprofits: Now Is the Time to Prepare for the New Revenue Recognition Standard
Nonprofits: Now Is the Time to Prepare for the New Revenue Recognition Standard

Nonprofits: Now Is the Time to Prepare for the New Revenue Recognition Standard

The new principles-based revenue recognition model introduced in Accounting Standards Codification 606 (ASC 606) is already in effect for much of the business world. Publicly traded companies were required to implement the new accounting standard for reporting periods that began on or after December 15 of 2017, but nonprofits were given an additional year to [...]

Kendal Diehl2019-04-17T14:23:01-04:00September 18th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

How IT Can Lay the Foundation for Transitioning to the New Revenue Recognition Standard
How IT Can Lay the Foundation for Transitioning to the New Revenue Recognition Standard

How IT Can Lay the Foundation for Transitioning to the New Revenue Recognition Standard

The way a company earns revenue is foundational to its financial success. Therefore, the new accounting guidance for recognizing revenue from contracts with customers is expected to affect all areas of operations and bring sweeping changes to enterprise-wide systems and processes. As the effective date for the new revenue recognition standard draws near, companies should [...]

CRI2018-11-12T15:43:48-05:00November 19th, 2017|REVENUE RECOGNITION|

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

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 [...]

CRI2018-11-12T15:44:52-05:00May 24th, 2017|JUNE 2017, REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue
Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue

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 [...]

CRI2018-11-12T15:45:05-05:00March 28th, 2017|REVENUE RECOGNITION|

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

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 [...]

CRI2018-11-12T15:45:07-05:00March 28th, 2017|REVENUE RECOGNITION|

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

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 [...]

CRI2018-11-12T15:45:09-05:00March 27th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 1, Identifying Contracts
Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

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 [...]

CRI2018-11-12T15:45:10-05:00March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|

Revenue Recognition Implementation Should Headline Your Plans – Regardless of Deferral Decision
Revenue Recognition Implementation Should Headline Your Plans – Regardless of Deferral Decision

Revenue Recognition Implementation Should Headline Your Plans – Regardless of Deferral Decision

Extra, Extra! Read all about it: The accounting change of the decade - revenue recognition implementation - is here! Well, sort of?!? The Revenue Recognition Implementation Headline The new revenue recognition standard was released in May 2014 and aims to increase consistency and comparability in today’s global marketplace by instituting a five-step revenue recognition model [...]

CRI2018-11-12T15:52:02-05:00April 1st, 2015|REVENUE RECOGNITION|