blog updates

Follow KSM
Search

KSM blog

Entries by Justin Hayes

Prev 1 2 3 ... 9 Next

Principal Versus Agent: Which Are You?

Posted 5:00 PM by
The Financial Accounting Standards Board (FASB) has implemented one of the most extensive changes to revenue recognition standards in its history with the issuance of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. As entities address and apply the standard’s provisions, one key element they must determine is how to report their revenues. Entities can report revenue at the gross amount of consideration they expect to receive (with associated fees presented as a cost) or on a net basis, which is the gross amount of consideration less any fee or commission directly related to the obligations.
link
| comments (0)

Implementing Revenue Recognition for Your Private Company

Posted 6:45 PM by
Implementation of the new revenue recognition standard, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, is almost here. For a private company, the standard will go into effect for calendar years beginning after Dec. 15, 2018. As such, companies should begin assessing now the impact of the new guidance.
link
| comments (0)

Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready?

Posted 1:00 PM by
In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. This is significant considering revenue is the key measurement used to determine a manufacturing company’s performance. In response to this feedback, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, in May 2014, and subsequently amended it. This is the most significant revision to U.S. Generally Accepted Accounting Principles (U.S. GAAP) revenue recognition standards in history.
link
| comments (0)

Recognition of Breakage Revenue Under the New Revenue Recognition Standard

Posted 2:01 PM by
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as subsequently amended, which resulted in the most significant revision to revenue recognition standards that GAAP has ever seen. One significant impact from ASU 2014-09 relates to the recognition of breakage revenue.
link
| comments (0)

Standards Update: 2/27/18

Posted 5:00 AM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States. Below are select ASUs that were recently issued.
link
| comments (0)

Standards Update: 1/30/18

Posted 1:30 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States. Below are select ASUs that were recently issued.
link
| comments (0)

Standards Update: 2/10/17

Posted 5:00 AM by
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which applies to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows.
link
| comments (0)

Standards Update: 11/28/16

Posted 3:41 PM by
The Financial Accounting Standards Board (FASB) hopes to improve financial reporting related to credit losses on loans and other financial instruments by requiring the losses to be recorded more timely with the issuance of Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 
link
| comments (0)

Standards Update: 6/17/16

Posted 4:00 AM by
In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) (ASU No. 2016-03).
link
| comments (0)

The Trend Toward Local-for-Local Manufacturing

Posted 4:00 AM by
Reshoring manufacturing jobs back to the United States has been a hot topic in the industry for the past few years. The question is, why should your company consider it? Some might argue that it’s a matter of patriotism; others argue it’s a simple matter of economics – manufacturers want to bring production closer to the actual consumers of their products.
link
| comments (0)
Prev 1 2 3 ... 9 Next