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Adopting the New Revenue Recognition Standard

December 18th, 2017 Posted by admin

What We Learned and Recommendations The new revenue recognition standard is required to be adopted in less than one month for many public companies.  We offer several recommendations and key lessons learned from assisting companies with their implementation projects: It is more than accounting.   Arriving at the appropriate accounting conclusions may not be overly difficult.  One […]

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FASB proposes deferral of new revenue standard

April 10th, 2015 Posted by admin

One Year Deferral Proposed The Financial Accounting Standards Board (FASB) proposed a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities. Under the proposal, the standard would be effective for public entities with annual reporting periods beginning after December 15, 2017 and the first interim period within the year of adoption. […]

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SEC Reduces the Burden of Implementing Revenue Recognition Rules

September 12th, 2014 Posted by admin

For public companies considering the retrospective method adoption method, a significant implementation issue related to the five year selected financial data requirement.  Would the SEC require all five years to be presented under the new revenue recognition rules? SEC Provides Some Relief At the Financial Accounting Standards Advisory Council (FASAC) meeting, a SEC staff member indicated the SEC staff […]

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Going Concern Changes: Improved Early Warning?

August 28th, 2014 Posted by admin

The Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40).  ASU 2014-15 is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. Early Warning Part of the fallout of the mid-2000 financial crisis was a perception that […]

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Be Prepared for New Revenue Recognition Rules

August 15th, 2014 Posted by admin

The Boy Scouts of America’s motto is “Always Be Prepared!”  A useful reminder for not only scouts, but when it comes to implementing new accounting rules such as revenue recognition. We Are Done After eight long years of development, exposure drafts, roundtables, comment letters, redeliberation and rewrite, the Financial Accounting Standards Board (FASB) finally issued its final […]

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