Revenue from Contracts with Customers and Leases Implementation Deadlines Extended

Acknowledging the unprecedented impact of Covid-19 and the disruption it has caused for businesses and capital markets, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-05 to provide immediate, near-term relief. Officially, ASU No. 2020-05 extends implementation of the new revenue recognition and lease accounting standards by one year for certain […]

Significant Changes Coming to Revenue Recognition for Franchisors

Franchisors face significant changes in revenue recognition with the looming implementation of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This update is currently effective for public entities, but becomes effective for non-public companies for years beginning after December 15, 2018. The new standard is intended to improve comparability across industries […]

Updates to the Revenue Recognition & Lease Accounting Standards

Now that the year-end and quarter-end closes are behind us, many accounting departments are starting to focus on the recent or upcoming accounting standard changes. For example, public companies addressed the initial revenue recognition updates at the end of fiscal 2017, but private companies are looking at the looming 12/31/18 deadline. Lease accounting standard changes […]

Impact of Revenue Recognition Compliance

The effective dates for the new revenue recognition accounting standards (ASU 2014-09) are drawing near. Accounting for revenue is vital to any company’s success. Do you understand the potential impact of these new guidelines on your organization?  In this informative webinar, Clark Schaefer Hackett’s Michael Cullum and Eric Schnieber covered the guidance you need for […]

6 Things to Know about the New Revenue Recognition Standard

All companies aim to generate revenue, and while all accounting standards updates require consideration, few will impact as many entities as ASU 2014-09, “Revenue from Contracts with Customers.” According to the Financial Accounting Standards Board (FASB), “Revenue is an important number to users of financial statements in assessing an entity’s financial performance and position. However, […]

The FASB delays landmark revenue recognition standard

On July 9, 2015, the Financial Accounting Standards Board (FASB) officially deferred implementation of the landmark global revenue recognition accounting standard by one year. The International Accounting Standards Board (IASB) followed suit on July 22, 2015, despite fewer complaints about the new guidance from companies that follow International Financial Reporting Standards (IFRS). Many years in […]

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