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11 Accounting Challenges Arising from COVID-19
Posted by Mark Winiarski on Tue, Aug 18, 2020 @ 05:38 PM

When organizations are financially struggling or affected by external events, several accounting considerations come into play. External events arising from the COVID-19 pandemic and its disruption could intersect with several components of accounting. A brief summary of possible considerations are described below.

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Topics: goodwill impairment, going concern, income tax accounting, Revenue recognition, COVID19, Coronavirus, financial statement disclosures, SEC, PPP Loan, Payment Protection Program, credit loss

Customer Retention, Revenue Recognition & COVID-19
Posted by Pieter Combrink on Wed, Aug 5, 2020 @ 12:25 PM

The economic impact from the novel coronavirus has been a significant challenge for most companies, whether due to changes in customer demand, shuttering of operations or constraints on labor and supply chain. Considering these ramifications, companies may be more inclined in the COVID-19 pandemic environment to implement pricing changes in order to improve customer retention. Such steps may include incremental discounting in the form of marketing offers, broad ranging price concessions, or specific customer contract modifications. The revenue recognition implications from these actions can be complex; we will delve into each to highlight the nuances and accounting considerations of each.

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Topics: Revenue Recognition Standard, Revenue recognition, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

FASB Votes to Officially Delay Revenue Recognition, Leasing Standard
Posted by Chrissy Hammond on Tue, May 26, 2020 @ 03:32 PM

During the Financial Accounting Standards Board (FASB) board meeting on May 20, the Board voted to defer the adoption of ASC Topic 606, Revenue from Contracts with Customers, (Topic 606) for all entities that have not yet adopted the standard, by one year from the previous adoption date. It also approved a one-year deferral of the leasing standard for non-public business entities and not-for-profits. The deferrals are designed to provide flexibility to entities that may be struggling with preparing and issuing financial statements due to the unique circumstances presented by the COVID-19 pandemic.

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Topics: FASB, Revenue recognition, leasing standard, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

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

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

Timing of Revenue Recognition: Considerations for Service Organizations
Posted by Joyce Masse Troy on Thu, Mar 12, 2020 @ 01:06 PM

By nature of their business, service organizations may face challenges with their determination of when revenue from contracts should be recognized under ASC Topic 606, Revenue from Contracts with Customers. In addition to the obvious accounting issues associated with timing of revenue recognition, this determination will also impact their financial statement disclosure requirements as it relates to revenue recognition.

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Topics: accounting, Joyce Masse Troy, Revenue Recognition Standard, Revenue recognition, Joyce Troy, hedging

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

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