Businesses have been intensely focused on dealing with additional regulation surrounding variable interest entities (VIEs) since the fallout from Enron and other accounting scandals. For nonpublic companies, this has meant working through complex accounting rules to determine whether or not...
Read MoreAs a nonprofit, when your organization receives funds through grants and similar contracts, you must characterize the transaction as an exchange transaction or a contribution for financial reporting purposes. Historically, many nonprofits have found it difficult to make this determination, which...
Read MoreFor many years, organizations have been anticipating the implementation dates of two significant and far-reaching accounting standards: revenue recognition and leases. Many have understandably prioritized the implementation of the new revenue recognition standard, with all companies needing...
Read MoreOrganizations that issue any type of financial statement under GAAP will need to comply with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, by January 1, 2019. The deadline is quickly approaching. Is your organization ready? This standard is so far...
Read MoreYou are likely aware of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. But did you know that nonprofit organizations will be affected, too? Of the most significance to the nonprofit industry is that...
Read MoreAccounting Standards Update No. 2014-09, Revenue from Contracts with Customers, is likely one of the most important pieces of work we have seen from the Financial Accounting Standards Board (FASB) in years. While the standard goes into effect for nonpublic companies on January 1, 2019, there is...
Read MoreThe implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which go into effect in 2018 for public entities and 2019 for non-public entities, will incorporate some sweeping changes for how and when traditional software entities recognize revenue. ...
Read MoreRevenue recognition, arguably one of the most difficult areas in terms of interpreting not-for-profit accounting guidance, is about to get a major overhaul. However, much of the difficulty and judgment that currently exist aren’t going anywhere. Revenue recognition is an area that...
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