BTerrell Group Blog

Need Clarification to Revenue Standards? FASB Has This to Share

Posted by Brian Terrell on Thu, Jun 23, 2016

Many businesses are struggling to understand the recent changes to the revenue recognition standards. The US Financial Accounting Standards Board (FASB) recently released technical corrections and changes that include clarifications on contracts and preproduction costs as they pertain to long-term supply arrangements. Since these rules go into effect very soon, it’s important for businesses to review their technology and make sure they can comply with these new standards.

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Intacct Webinar: Revenue Recognition Made Easy for Your Project-based Business

Posted by Brian Terrell on Mon, Jun 20, 2016

Date: Wednesday, June 22nd at 11 AM PT / 2 PM ET

Are you spending needless hours tracking down project data and manually recognizing revenue?

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The Who, What and When of Revenue Recognition Standard Updates

Posted by Brian Terrell on Thu, Jun 16, 2016

Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is provoking a lot of questions—and for good reason. The update essentially affects all businesses and requires some major updates to reporting and accounting practices. Read on to see if it applies to you, what you need to do, and when you need to make the necessary changes.

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The Reason Behind FASB’s Accounting Standards Update for Revenue Recognition

Posted by Brian Terrell on Mon, Jun 13, 2016

I don’t know about you, but I think it’s easier to change my ways if I know the reason behind it. If I plan to exercise every day, it helps to know by doing this, I will likely lose weight, be healthier and have more energy. The why behind the action makes it a tad more bearable.

The same concept goes for why the Financial Accounting Standards Board (FASB) would make
such a shift in the new Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. Managing or recognizing revenue is of utmost importance for practically any company in business today and this new update is changing the name of the game dramatically…but why?

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Revenue Recognition: Moving Forward with Implementation

Posted by Brian Terrell on Fri, Jun 10, 2016

Like many accounting and financial technology professionals, I am busy getting up to speed on best implementation practices for ASC 606, Revenue from Contracts with Customers. ASC 606 takes full effect for both public and private companies within the next several years, and applying the new guidance won’t easily happen without adequate planning and effort. Here are highlights to consider thus far.

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