blog updates

Follow KSM
Search

KSM blog

Accounting Standards Updates

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)

Dissecting the New Revenue Recognition Guidance: Step 2 of the Five-Step Framework

Posted 2:00 PM by
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, creates a five-step framework for entities to determine when and how much revenue should be recognized. The first article in the ‘Dissecting the New Revenue Recognition Guidance’ series discusses step 1, identifying the contract(s) with customers. This article focuses on step 2, identifying the performance obligations in the contract.
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)

2018 NIADA/NABD Convention Recap

Posted 6:00 PM by
This past June, a record number of attendees descended upon Orlando’s Rosen Shingle Creek Resort for the combined National Independent Automobile Dealers Association (NIADA) / National Alliance of Buy Here, Pay Here Dealers (NABD) Convention & Expo. Consistent with prior conventions, the NIADA set out to fuse best practice counseling with emerging topic coverage for the used car industry, including the BHPH sector. Below are some key takeaways from the event.
link
| comments (0)

Dissecting the New Revenue Recognition Guidance: Step 1 of the Five-Step Framework

Posted 12:50 PM by
This article provides a high-level summary of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, and then focuses on Step 1 of the five-step framework defined in the ASU.
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)

Financial Reporting for Tax Reform

Posted 5:00 AM by
The enactment of the Tax Cuts and Jobs Act of 2017 (TCJA) has received a lot of attention over the last several months from individuals and companies, with the primary focus on how the new legislation will impact tax payments and future tax rates.
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)