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Recognizing the Impact COVID-19 Has On Revenue Recognition
Posted by Chrissy Hammond on Fri, May 8, 2020 @ 10:35 AM

The potential accounting impacts from the coronavirus have been extensive and from a financial reporting perspective, broad-ranging, affecting among others, a company’s going concern considerations, asset impairment considerations and financial statement disclosures. Yet another critical accounting area that could be affected by COVID-19 is revenue recognition, including revenue recognition internal control processes.

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Topics: Revenue recognition, ASC Topic 606, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Impairment and the Impact of COVID-19: Is There a Triggering Event?
Posted by David Lewin on Tue, Apr 14, 2020 @ 05:02 PM

During the first quarter of 2020, the economic decline caused by the COVID-19 pandemic has raised many questions about the fair value of a variety of assets held in a broad range of industries and companies. This has been demonstrated by the significant declines in public share prices by many public companies as well as the declines noted in the broader stock market indices.

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Topics: goodwill impairment, impairment testing, public company, David Lewin, ASC Topic 606, Coronavirus, COVID-19

Accounting Considerations & Relief Extension for Public Companies in the Wake of COVID-19
Posted by David Lewin on Fri, Mar 27, 2020 @ 01:33 PM

The Coronavirus disease (COVID-19) pandemic has effected countless aspects of our daily lives and business, and accounting is no exception. Many companies will need assistance navigating the complexities of accounting guidance—particularly during these times of uncertainty and business and workflow disruptions. The COVID-19 pandemic will likely impact a variety of your accounting estimates and the application of current accounting guidance. It may also require your organization to perform a number of analyses and tests during an interim period that may otherwise have not been necessary. You will be required to create detailed memoranda and documentation to illustrate that the proper analysis supports the conclusions reached for your auditors and Q1 filing. We are here to help Securities and Exchange Commission (SEC) filers navigate and interpret the applicable accounting guidance during these ever-changing times, as well as aid with the preparation of technical memoranda and other documentation that you are required to prepare.

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Topics: goodwill, public company, Revenue recognition, David Lewin, intangible assets, ASC Topic 606, Coronavirus, COVID-19, sec filer, ROU assets, ASC 350, SEC extension

Lessors: Don’t Forget These 3 Simplifications for the Leasing Standard Adoption
Posted by Thomas McGauley on Tue, Jun 11, 2019 @ 06:10 PM

Late in 2018, the Financial Accounting Standards Board (FASB) released minor changes to lessor accounting designed to make adopting the new leasing standard easier. As lessors begin making the required changes to their lease accounting, they will want to ensure they have factored these updates into their implementation plans.

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Topics: lease accounting changes, Leasing, leasing standard, ASC Topic 606, Leases, Thomas McGauley

How to Get Past the Biggest Misconception about Revenue Recognition
Posted by David Lewin on Mon, May 27, 2019 @ 11:58 AM

What a long, strange trip it’s been from the release of the new revenue recognition standard to the adoption year for private companies. The Financial Accounting Standards Board (FASB) released its initial changes to accounting for revenue from contracts five years ago under ASC Topic 606, Revenue from Contracts with Customers. In the intervening years, changes have been made, effective dates delayed, and public companies adopted the standard.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, ASC Topic 606

Important Revenue Recognition Questions as the Private Company Deadline Draws Closer
Posted by David Lewin on Tue, Jun 26, 2018 @ 04:13 PM

As the effective date of the new revenue standard draws nearer and implementation becomes imminent for non-public entities within its scope, management should be aware of some important areas that their auditors will be focusing on in the upcoming months.

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Topics: private companies, private company, FASB, Revenue recognition, David Lewin, Financial Accounting Standards Board, ASC Topic 606, Revenue from Contracts with Customers

IRS Provides Guidance to Request Tax Accounting Method Changes for ASC Topic 606
Posted by Bob Smith on Wed, Jun 6, 2018 @ 06:30 PM

The IRS published guidance on May 10 that allows taxpayers to request a change in method of accounting to conform to certain aspects of new financial accounting standards under ASC Topic 606. Rev. Proc. 2018-29 provides taxpayers with flexibility over the manner in which transitions are made to conform income recognition for federal tax purposes with ASC Topic 606, as well as administrative ease in filing procedures needed to make these requests. However, the IRS limited the scope of its highly anticipated guidance to exclude many scenarios affected by ASC Topic 606. Because most taxpayers still need further guidance to conform completely to the new financial accounting standards, the May 10 guidance may be of limited practical use.

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Topics: Bob Smith, ASC Topic 606, Tax Cuts and Jobs Act, TCJA

6 Audit Risks to Watch for with the New Revenue Recognition Standard
Posted by David Lewin on Tue, Dec 12, 2017 @ 08:19 AM

Adopting the new revenue recognition standard introduced under ASC Topic 606 will be one challenge; being audited with the new standard will be another. The Public Company Accounting Oversight Board (PCAOB) has already identified some provisions of the revenue recognition standard that may be problematic for entities and their auditors.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, ASC Topic 606

Full Disclosure: A Guide to Revenue Recognition Disclosures under ASC Topic 606
Posted by David Lewin on Wed, Sep 20, 2017 @ 08:17 AM

Revenue recognition under ASC Topic 606 includes new and extensive disclosure requirements that will significantly impact revenue-generating companies, whether publicly traded or privately held.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, ASC Topic 606

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