Revenue Recognition for Real Estate Sales and Purchases We talked about this before in our article that relates to this topic regarding revenue recognition for property managers. This topic is also important for real estate companies as well, in order for them to be in compliance with the new accounting standards adopted by the International Accounting Standards…
New accounting standards adopted by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) require changes in revenue recognition for retail and distribution companies. Previously, we covered the five steps for revenue recognition that every company must now take. If you are a company operating in a retail and/or distribution capacity,…
The upcoming changes in the Financial Accounting Standards Board (FASB) revenue recognition standards require new accounting methods by lessors and property managers, who manage properties that are under long-term leases (longer than twelve months). In a previous post, Revenue Recognition for Property Management Professionals we gave a broad overview. In this post, we go into…
Accounting standards for long-term leases, which are leases longer than twelve months, are undergoing major changes that affect any organization, which either leases anything (property or non-property) or receives income from leases. It is important for business owners and senior management to understand the changes made by the American Financial Accounting Standards Board (FASB) in…
This week’s post focuses on the effects of the new revenue recognition standards on the construction industry. There have been a lot of concerns throughout the industry about the impending impact of the new standards, and we hope to address some of the most prevalent issues in this post. Identifying Performance Obligations As…