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Revenue Recognition Central

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When you need help complying with new guidance look to GBQ. From assessing your revenue reporting to evaluating the impact on your business, to tax planning strategies and debt covenants – the resources you need are here.

Auditing Work In Progress

Feb 02, 2018

Is your accounting for work in progress (WIP) accurate? To find out, your auditors carefully analyze your methods of allocating costs and recognizing revenue.

Income Statement Items Warrant Your Auditor’s Attention

Jan 05, 2018

Traditionally, income statement items take a back seat to assets and liabilities in an audit. But today’s auditors tend to use a more balanced approach.

FASB Issues Exposure Draft On Accounting For Contributions Received And Contributions Made

Oct 11, 2017

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits.

Close-Up On Cutoffs For Reporting Revenues And Expenses

Aug 11, 2017

Timing is critical in financial reporting. The cutoff rules are strict and will soon require more judgment calls. Here’s a primer for companies that use accrual-basis accounting.

Revenue Recognition From Contracts With Customers

Jul 25, 2017

Consideration of New Rules on Financial Institutions Overview Beginning in 2018, new rules go into effect for “revenue recognition from contracts with customers.” The purpose of this article is to explore the impact of this new requirement (Accounting Standards Update 2014-09, Revenue from Contracts with Customers) on the contractual arrangements between financial institutions…

Less Than 6 Months Until The New Contract Revenue Guidance Goes Live!

Jul 07, 2017

The landmark revenue recognition standard could have a major impact on your business. While others are procrastinating on implementation, here’s why you can’t afford to delay.

Why Financial Restatements Happen…And How To Prevent Them

May 22, 2017

Oops! Financial reporting can be complicated, and mistakes sometimes happen. Here are common reasons (besides fraud) that a company might revise prior financial statements.

Cooking The Books

Mar 10, 2017

White collar crime can quickly drain a company’s resources. Fraud awareness can lower your risk. Here’s an overview of the costliest type of fraud, along with a critical prevention tip.

Are You Ready for the New Revenue Recognition Rules?

Oct 07, 2016

The new revenue recognition standard will affect many businesses. If you report comparative financial results, you should start the implementation process ASAP. Here’s how to get the ball rolling.

Revenue Recognition and the Construction Industry

Aug 11, 2016

By now, you likely know that there is a new revenue recognition standard that will soon be effective and it will impact the way that construction companies recognize revenue.

Revenue Recognition of Grants and Contracts by Nonprofits – Is It Time For a Change?

Jul 11, 2016

At its April 20, 2016 meeting, the Financial Accounting Standards Board (FASB) voted to add a project to its agenda to improve and clarify existing guidance on revenue recognition of grants and contracts by nonprofits.

A Primer for Nonprofit Organizations on the FASB’s New Revenue Recognition Accounting Standard

Jun 09, 2015

Many nonprofit financial executives are struggling with the changes posed by the Financial Accounting Standards Board’s.

Finance Executives Wrestle with Anticipated Financial Reporting Requirements

Mar 04, 2015

In a survey conducted by KPMG, findings show that 64% of corporate finance executives remain unsure of how they will adopt the converged revenue recognition standard that was issued back in May of 2014. See more about this important financial reporting requirement change.

New Revenue Recognition Requirements for Non-Profit Organizations

Oct 06, 2014

The accounting world is abuzz lately with the finalization of the revenue recognition rules that will change the way many companies and organizations account for contracts under GAAP. As a non-profit organization, you may be wondering how and when these new rules will impact you.

Revenue Recognition is Getting a Face Lift

Jun 09, 2014

FASB and the IASB have finally decided to agree on a major topic as part of the convergence project and it’s a BIG ONE, revenue recognition rules. Who is affected? EVERYONE, but on varying degrees. FASB Chairman Russell Golden, believes software, telecommunications and real estate companies will see the largest change on their income statements

Contact
  • Bob Biehl
  • Director, Assurance & Business Advisory Services
  • (614) 947-5211
  • bbiehl@gbq.com