Tag Archives: Revenue Recognition

FASB limits delay of revenue recognition and leasing standards for private companies and nonprofits

June 3, 2020

On June 3, 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. The ASU permits private companies and nonprofit organizations that have not yet issued financial statements adopting the revenue recognition standard

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New lease standard: What you need to know

August 16, 2019

By  Mike Campana, partner Many of our private company clients that prepare financial statements using Generally Accepted Accounting Principles are spending the summer preparing to implement the Financial Accounting Standards Board’s Revenue Recognition standard. It needs to be fully implemented before they report their Dec. 31, financial results to their banks and shareholders. However, revenue

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