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…
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…
The Five Steps of Revenue Recognition This week, we take a look at the basic five steps of the new revenue recognition rules from the Financial Accounting Standards Board. The new standards affect all companies using International Financial Reporting Standards — public companies have to implement new standards in annual reporting periods beginning after…