Tag Archives: revenue recognition

New Revenue Recognition Standard Deferred by FASB

Announced July 9th 2015, the Financial Accounting Standards Board approved a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.  As a result, public entities, certain nonprofit entities, and certain employee benefit plans will apply the new revenue standard to annual reporting periods beginning after December 15, […]

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Update: FASB Proposes Potential Deferral of the Effective Date of New Revenue Recognition Standard

On April 1, 2015, the Financial Accounting Standards Board (FASB) decided to defer the effective date of the new revenue standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).  This proposed one-year delay is intended to provide entities adequate time to effectively implement the new standard. The new revenue standard, which […]

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CFO Penalized for Software Company’s Timesheet Falsification Fraud

Financial statement fraud schemes commonly take the form of overstated revenue. That was indeed the case in a recent SEC investigation into the falsification of time records by certain professional services employees of Saba Software, a provider of cloud-based intelligent talent management solutions that had its IPO in 2000.[1] According to the SEC, “[t]he improper time-reporting […]

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Revenue Recognition – Milestone Method

Does your business provide research and development services using a milestone arrangement? The new FASB standards in ASU 2010-17 provides guidance on defining a milestone and determining when it may be appropriate to apply the milestone method. Research and development arrangements frequently include payment provisions whereby a portion or all of the consideration is contingent […]

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Revenue Recognition is changing for Tech Companies and Others with Multiple Deliverables

Submitted by Don Gutman One of the constant accounting challenges companies face is the development of an appropriate revenue recognition model for the broad array of products and services they sell to customers.  We have seen many examples of public companies restating financial statements as a result of using inappropriate revenue recognition methods.  A classic […]

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