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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

Revenue Recognition Updates for Performance Obligations and Licensing
Posted by Chrissy Hammond on Thu, Jun 16, 2016 @ 11:42 AM

The Financial Accounting Standards Board (FASB) addressed concerns about revenue recognition for performance obligations and licensing recently with the release of accounting standards update (ASU) 2016-10. Licensing and performance obligations numbered among the items identified for further discussion by the Joint Transition Group for Revenue Recognition (TRG).

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Topics: FASB, Revenue recognition, Financial Accounting Standards Board, Performance obligations, Licensing

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