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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

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

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

Revenue Recognition Step 6 – Revenue Recognition and Licensing Arrangements
Posted by David Lewin on Thu, Dec 8, 2016 @ 08:03 AM

Topic 606 introduces a 5-step process for the recognition of revenue that applies to all entities that have contracts with customers within its scope. Entities that license intellectual property (licenses) through contracts with customers also apply the 5 steps but have some special considerations that are applicable to the unique nature of licenses.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Licensing Arrangements

Revenue Recognition Step 5 - Recognizing Revenue as or When Performance Obligations are Satisfied
Posted by David Lewin on Fri, Sep 23, 2016 @ 12:54 PM

Once entities allocate the transaction price, they can then move to the fifth and final step of the new revenue recognition standard: recognizing revenue. Step 5 requires entities to recognize the consideration given for an asset when or as the performance obligation has been satisfied. This point occurs when the customer receives control of the good or service.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Performance obligations

Collectibility, Treatment of Sales Taxes and Other Narrow Scope Improvements to Revenue Recognition Standard
Posted by David Lewin on Tue, Jun 7, 2016 @ 08:30 AM

Six elements the Joint Transition Resource Group for Revenue Recognition earmarked for change became part of the final standard recently. Accounting Standards Update (ASU) 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, updates guidance related to collectibility, presentation of sales and use taxes, noncash consideration, contract modifications and completed contracts at transition.

The bulk of the changes remain the same as outlined in the exposure draft released last fall. The ASU also includes a technical correction.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Transaction Price

Revenue Recognition Step 4 - Allocating the Transaction Price
Posted by David Lewin on Mon, Mar 14, 2016 @ 01:30 PM

Step 4 of the new five-step revenue recognition standard requires the allocation of the transaction price to each performance obligation in a contract with a customer. Entities reach this point by first identifying the contract with a customer, identifying the performance obligations in the contract and determining the transaction price.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Transaction Price

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