5-Step Model For New Revenue Recognition Standards

The Financial Accounting Standards Board’s (FASB) update to revenue recognition is going to impact nearly everyone across all industries. But what are these new standards and why won’t your accountant stop talking about it? When it comes to the new revenue recognition standards, here’s the gist of it: Accounting Standards Update 606 (ASU 606) deals specifically with recognizing revenue from …

Contractors, Don’t Wait to Act on Revenue Recognition!

The new revenue recognition standard is quickly approaching, so contractors are urged to act now. Revenue recognition standards will shift from a transfer of risks and rewards model to one based on transfer of control. Certain factors play a part in determining revenue recognition and what criteria is needed to qualify. Note several key actions to ensure that you are …