REVENUE RECOGNITION

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 [...]

2018-12-11T15:17:32+00:00November 20th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

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 last year, but nonprofits were given an additional year [...]

2018-11-12T15:42:27+00:00September 18th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

The New Revenue Recognition Standard’s Required Disclosure Changes Are Calling Your Name

The implementation date is here for the new revenue recognition standard, and your business is likely impacted by with changes to your required disclosures. Watch Jon Heath explain the 5 new requirements that likely mean disclosure changes for most companies: disaggregated revenue, cost to obtain contract, contract balances, performance obligations, and significant judgments. [...]

2018-11-12T15:43:16+00:00January 17th, 2018|REVENUE RECOGNITION, VIDEO|

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 [...]

2018-11-12T15:43:48+00:00November 19th, 2017|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 [...]

2018-11-12T15:44:52+00:00May 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 [...]

2018-11-12T15:45:05+00:00March 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 [...]

2018-11-12T15:45:07+00:00March 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 [...]

2018-11-12T15:45:09+00:00March 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 [...]

2018-11-12T15:45:10+00:00March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|

Unique Hospital Challenges with the New Revenue Recognition Standard

The new revenue recognition standard could drastically changes how healthcare entities (particularly hospitals) recognize revenue – specifically, when and how much to recognize. Watch as Bryan Hall provides an overview of these changes, as well as the data that hospitals should begin collecting now to implement the new mandate.

2018-11-12T15:45:58+00:00February 16th, 2017|HEALTHCARE, REVENUE RECOGNITION, VIDEO|

Diving into the Impact of Revenue Recognition on Nonprofits

Submarines adapt to their environments in a variety of ways. For example, they use sonar (an acronym for SOund Navigation And Ranging) to detect or communicate with other objects in the water. Similarly, organizations across many industries are changing their processes to prepare for the Financial Accounting Standard Board’s (FASB’s) new revenue recognition standard. Amidst [...]

2018-11-12T15:47:01+00:00November 18th, 2016|NOT-FOR-PROFITS, REVENUE RECOGNITION|

Stop, Drop, and Rev Rec Roll

The Financial Accounting Standards Board's (FASB's) new revenue recognition standard can have significant implications for your company's finances. Watch as Bruce Nunnally explains the breadth of the impact of this standard.

2018-11-12T15:48:39+00:00April 19th, 2016|REVENUE RECOGNITION, VIDEO|

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 [...]

2018-11-12T15:52:02+00:00April 1st, 2015|REVENUE RECOGNITION|

Two Reasons Why Revenue Recognition Should Matter To You

If you own a business or serve on the management team, then revenue matters to you because that is how most businesses are measured—whether internally by management or externally by lenders and investors. Additionally, as businesses mature, they often outgrow the cash revenue recognition model and utilize a more sophisticated model to better [...]

2018-11-12T15:52:12+00:00March 17th, 2015|REVENUE RECOGNITION, VIDEO|

Seize the Day: Start Planning Now for Revenue Recognition

The new revenue recognition standard will significantly impact most industries – and particularly those with specialized recognition models (e.g. construction, real estate, telecommunications). Watch as CRI’s Jon Heath explains how revenue recognition permeates daily business activities by impacting compensation models, contracts, and taxes. And, therefore, why it’s important to begin implementation of the [...]

2018-11-12T15:52:16+00:00February 26th, 2015|REVENUE RECOGNITION, VIDEO|

Premiering Revenue Recognition Basics

After more than a decade of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued new joint guidance impacting revenue recognition, and almost every company will be impacted in some way—although some industries will likely feel the changes more than others. FASB’s version, Revenue from Contracts with Customers, standardizes [...]

2018-11-12T15:53:10+00:00July 24th, 2014|REVENUE RECOGNITION|

Four Key Contractor Revenue Recognition Considerations

The Financial Accounting Standards Board (FASB) proposed a dramatic change in the way companies—including those in construction—accounted for revenue under Generally Accepted Accounting Principles (GAAP). These changes are a direct result of plans to converge GAAP and the International Financial Accounting Standards (IFRS). The goal is to reconcile different accounting standards and practices in revenue recognition, [...]

2018-11-12T15:53:43+00:00May 11th, 2014|CONSTRUCTION, REVENUE RECOGNITION|