- The new accounting standard requires a contractor evaluates whether it obtains control of the goods or services, using the transfer of control guidance, and consider whether it is serving in the capacity of a principal or an agent before concluding on noncash consideration.
- The new accounting standard requires a contractor considers whether the pricing of the contract contains an element of financing when, at contract inception, the period between when the contractor transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or more.
- Determining the transaction price under the new standard requires contractors apply judgment and document processes and controls related to variable consideration, noncash consideration and the existence of a significant financing component.
- Baker Tilly partnered with Bisnow, a leading commercial real estate news source, to produce exclusive interviews that provide behind-the-scenes perspectives from leading real estate developers, entrepreneurs and industry giants.
- To identify performance obligations, a contractor needs to determine whether or not the goods or services are distinct. The complexity arises in evaluating the promise(s) in the contract and determining whether they should be accounted for separately or together.
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