1. Articles in category: Revenue Recognition

    1-24 of 38 1 2 »
    1. FASB's clarification of the definition of a business has wide implications | Accounting Today

      A recent accounting standards update helps entities evaluate whether transactions should be accounted for as acquisitions or disposals of assets or as businesses. The Financial Accounting Standards Board’s Accounting Standards Update 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business,” states that a business has the following: 2. Processes applied to those inputs; and 3.

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    2. New Guide Focuses on Revenue Recognition | CPA Practice Advisor

      New Guide Focuses on Revenue Recognition | CPA Practice Advisor

      Thomson Reuters has released PPC’s Guide to Revenue Recognition, providing in-depth and practical guidance for accountants and their clients on the new requirements for how and when revenue is recorded. These changes will impact financial reporting for all entities and for some will significantly alter their accounting practices, prompting the need for early preparation.

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    3. Groups weigh in with SEC on PCAOB audit report standard | Accounting Today

      Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Comment ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports. In June, the PCAOB voted to approve a new standard that would significantly change the auditor’s reporting model, adding a section discussing “critical audit matters” (see PCAOB makes major changes to auditor’s report).

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    4. FASB Proposes Improvements to Not-for-Profit Accounting for Grants and Contributions

      FASB Proposes Improvements to Not-for-Profit Accounting for Grants and Contributions

      The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. Stakeholders are asked to review and provide comment on the proposed ASU by November 1, 2017.

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    5. Lessons learned on the path toward revenue recognition implementation | Accounting Today

      We have less than 200 days to go until the 2018 effective date for public companies for the new revenue recognition standard, and many accounting and finance professionals are in high gear preparing their organizations and clients for the transition. With so much focus on implementation, I wanted to share some lessons learned from three companies that have either adopted or are well along in adopting the new revenue recognition standards.

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    6. AICPA issues working drafts for 3 revenue recognition issues - Journal of Accountancy

      Three revenue recognition implementation issues are addressed in new working drafts issued by the AICPA Financial Reporting Executive Committee (FinREC). The AICPA is developing a new revenue recognition guide to help financial statement preparers in various industries implement FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). Numerous working drafts already have been issued for public comment and later added to the guide.

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    7. Tax Strategy: Partnership agreements need to reflect the new audit regime, now | Accounting Today

      With an estimated 1 million-plus partners under the U.S. tax system, the importance of the Bipartisan Budget Act of 2015’s controversial centralized partnership audit regime cannot be underplayed. Mandatory implementation of the new audit regime kicks off for audits of partnership tax years starting on or after Jan. 1, 2018.

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    8. 10 lessons learned in implementing new revenue recognition guidance | Accounting Today

      The rules governing revenue recognition for public and private companies worldwide are changing dramatically starting Jan. 1, 2018. And several recent surveys show that most companies are unprepared. If you have not yet completed your implementation of the new standard — either ASC 606 or IFRS 15 — the following 10 lessons we have learned may help you get a jump start and utilize best practices that RGP, a finance and technology consultancy, and Zuora, which makes rev rec automation software, are seeing while helping companies transition to the new rules. 1. Just do it! Get started and keep up the momentum ...

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    9. AICPA drafts more revenue recognition guidance | Accounting Today

      The American Institute of CPAs’ Financial Reporting Executive Committee has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them. The latest working drafts are aimed at the airlines, gaming, health care and telecommunications communications. The final versions will be incorporated in the AICPA’s Revenue Recognition Guide.

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    10. IIA revamps Audit Executive Center | Accounting Today

      The Institute of Internal Auditors has refreshed its online Audit Executive Center with new resources for chief audit executives at internal audit departments. Along with a variety of new content, including videos and guidance for chief audit executives, senior management and staff members, the AEC now offers an Audit Intelligence Suite, which provides benchmarking reports to measure the performance of the audit function, skills assessments to determine the proficiency of audit team members, and surveys to elicit feedback from stakeholders. In addition, the IIA has developed a Small Audit Function Resource Exchange for smaller audit departments. The IIA originally launched ...

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    11. Preparing for FASB changes to revenue recognition and lease accounting | Accounting Today

      Companies should begin to plan now how to incorporate the new standards and update procedures for the Financial Accounting Standards Board’s accounting updates on two significant topics: revenue recognition and lease accounting. In 2014, FASB and the International Accounting Standards Board issued a converged standard for revenue recognition to increase comparability across industries.

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    12. ASB addresses auditor reporting on ERISA plan financial statements

      The AICPA Auditing Standards Board issued a proposal Thursday that would create a new auditing standard for auditors reporting on audits of the financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). An exposure draft, Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, contains the proposed guidance.

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    13. AICPA releases revenue recognition guide | Accounting Today

      The American Institute of CPAs has issued a new audit and accounting guide on the revenue recognition standard. The online edition of the AICPA’s Audit & Accounting Guide on Revenue Recognition aims to help entities and auditors understand, implement and audit the converged standard released in 2014 by the Financial Accounting Standards Board and the International Accounting Standards Board.

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    14. CAQ Helps Audit Committees Assess Revenue Recognition Standard

      CAQ Helps Audit Committees Assess Revenue Recognition Standard

      The Center for Audit Quality has released a document to help audit committees to evaluate how far along their companies have come in implementing the new revenue recognition accounting standard. The document, “Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees,” comes as recent studies indicate that many companies are far behind in getting ready for the impending standard, which takes effect in about a year for public companies.

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    15. New Lease Accounting Standards Have Finance Depts Working Overtime

      More than one-half (54.7 percent) of respondents to a recent Deloitte poll expect their organizations to increase the amount of time and effort spent on implementing the new Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards in the coming year. In some sectors, respondents expect to spend considerably more time and effort on lease accounting implementation.

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    16. Audit Committees Shed More Light on Auditor Oversight

      Audit Committees Shed More Light on Auditor Oversight

      Audit committees are increasing the amount of information they are giving investors on the actions they are taking to oversee their outside auditing firms, according to a new report. The annual Audit Committee Transparency Barometer report from the Center for Audit Quality and Audit Analytics found double-digit growth in the past two years in the percentage of S&P 500 companies that disclose information on issues such as auditor appointment and audit partner rotation.

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    17. Intacct Connects ERP and CRM for Rev Rec Issues | Accounting Technology

      Intacct Connects ERP and CRM for Rev Rec Issues | Accounting Technology

      Cloud ERP provider Intacct has released a new solution that connects ERP systems with customer relationship management systems to help businesses comply with revenue recognition standards. The solution, Intacct Contract Billing for CRM, is delivered through native, built-in connectivity between Intacct cloud ERP applications and Salesforce CRM applications, and is designed to eliminate the need to deploy or maintain integration software that connects ERP and CRM processes.

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    18. FASB Technical Corrections Signal Progress on New Rev Rec Standard

      FASB Technical Corrections Signal Progress on New Rev Rec Standard

      The Financial Accounting Standards Board’s recent set of proposed technical corrections to its revenue recognition standard are a sign that more companies are getting serious about implementing them. FASB proposed four technical corrections and improvements this month after proposing another set of nine corrections and improvements in May of this year (see FASB Proposes Technical Corrections in Revenue Recognition Standard).

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    19. Many Internal Audit Leaders Don’t Fully Use Professional Standards

      Many Internal Audit Leaders Don’t Fully Use Professional Standards

      Despite the growing attention to internal audit, a new report indicates a significant lack of conformance with and usage of professional standards. The Institute of Internal Auditors’ (IIA) International Standards for the Professional Practice of Internal Auditing represent minimum requirements expected of all internal audit functions. The standards are considered the bedrock for effective performance, and conformance with them is expected for all certified internal auditors.

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    20. Internal Audit Leveraging Data Visualization Tools

      Internal Audit Leveraging Data Visualization Tools

      Internal audit departments are making greater use of innovative technologies such as data visualization, according to a new report. The report, from Deloitte Global, foresees an increase in dynamic reporting. The use of static text documents and presentations to communicate important information from internal auditors will decline as they rely more on dynamic visualization tools.

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    21. PCAOB Tries Again to Change Audit Report Format

      The Public Company Accounting Oversight Board is taking another stab at overhauling the auditor’s reporting model. The PCAOB first proposed changes in audit reports in 2013 and heard extensive feedback on the proposals. On Wednesday the board reproposed the standard, offering ways to enhance the auditor's report to make it more informative for investors by requiring auditors to provide information on critical audit matters.

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    22. CFOs Say Cyber Security Fuels Tech Growth, While Tax Rates Hinder It

      CFOs Say Cyber Security Fuels Tech Growth, While Tax Rates Hinder It

      Cybersecurity will be one of the biggest growth engines for the technology sector in 2016, right alongside personal technology. According to BDO USA, LLP's 2016 Technology Outlook Survey, which polls 100 technology company CFOs, one in four tech CFOs view cybersecurity concerns as the primary driver of industry growth this year, outflanked only by consumer demand for innovative personal technology, selected by one in three CFOs as the most important factor driving industry growth.

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    1-24 of 38 1 2 »
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