Revenue Recognition Resource Center
With the deadline to adopt the new revenue recognition standard quickly approaching for private companies, now is the time to assess the impact of the new guidance. Our team of experts explain how you can prepare in a series of articles highlighting specific aspects of the new standard.
Insights
- Blog Standards Update: 2/5/21 February 5, 2021The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) No. 2021-02, Franchisors - Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient to address concerns about the complexity of applying Accounting Standards Codification (ASC) Topic 606,...
- Blog Standards Update 6/5/20 June 5, 2020The 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 in the United States (GAAP).
- Blog FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities April 22, 2020The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards. The FASB provided the Exposure Draft in ...
- Whitepaper Accounting Update for Not-for-Profit Entities: Revenue Recognition Not-for-Profit Services Group to help organizations navigate and understand Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
- Blog How the New Revenue Recognition Standard Will Impact the Construction Industry December 18, 2018The revenue recognition methodology for the construction industry will change with the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 is effective for public companies for periods beg...
- Blog How Revenue Recognition Is Impacting Buy Here – Pay Here Dealers December 11, 2018Note: This article originally appeared in The Showroom. When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, it represented perhaps the most extensive changes to accounting standards for revenue recognition ever. ...
- Blog How the New Revenue Recognition Standard Will Impact the Transportation Industry September 24, 2018Under current revenue recognition standards, transportation companies generally recognize revenue upon delivery of freight to the customer. Related transportation and delivery expenses directly associated with the shipments are recorded once the revenue is recognized. This revenue recognition method...
- Blog Dissecting the New Revenue Recognition Guidance: Step 5 of the Five-Step Framework September 10, 2019Accounting 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 discussed step 1...
- Blog Dissecting the New Revenue Recognition Guidance: Step 4 of the Five-Step Framework August 30, 2018Accounting 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 discussed step 1...
- Blog Dissecting the New Revenue Recognition Guidance: Step 3 of the Five-Step Framework August 24, 2018Accounting 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 discussed step 1...
- Blog Dissecting the New Revenue Recognition Guidance: Step 2 of the Five-Step Framework August 10, 2018Accounting 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...
- Blog Dissecting the New Revenue Recognition Guidance: Step 1 of the Five-Step Framework July 18, 2018This 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.
- Blog Principal Versus Agent: Which Are You? August 17, 2018The 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 p...
- Blog Implementing Revenue Recognition for Your Private Company August 2, 2018Implementation 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 asse...
- Blog Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready? April 20, 2018In 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...
- Blog Recognition of Breakage Revenue Under the New Revenue Recognition Standard March 8, 2018In 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...
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