- Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.
- FASB has released four major updates to U.S. GAAP that will go into effect in the next few years. These sweeping changes — combined with plans to reform the tax code and reduce federal regulations under the Trump administration — have created a volatile environment for CFOs and controllers. Here's a summary of what’s changing and when the changes, if applicable to you, will hit your financial statements.
- The revenue recognition standard has specific considerations for life sciences companies.
- In this webinar, Baker Tilly and Softrax discuss the challenges companies are facing and the surprises popping up along the road to implementation of the new revenue recognition standard, ASC 606.
- This article, featured in Construction Executive, provides contractors an overview of the new revenue recognition standard and tips on getting started with implementation.