It’s not too late to panic! FASB’s Topic 606 on revenue recognition supersedes nearly all current revenue recognition provisions, including industry-specific guidelines, and replaces it with a more principles-based approach, which is now a five-step process. The new standard was effective for public companies in January 2018 and is now effective for private companies in 2019. Now is the time to dig in and start getting up to speed on these critically important issues.
Identify the contract(s) with a customer. Identify the performance obligations in the contract. Determine the transaction price. Allocate the transaction price to the performance obligations. Recognize revenue as the business satisfies a performance obligation.
Apply the new financial accounting concepts in the revenue recognition setting. Gain a working knowledge of accounting rules as they related to revenue recognition.
Douglas Van Der Aa
Doug Van Der Aa is a Tax Manager for the Grand Rapids, Michigan firm of Hungerford, Aldrin, Nichols & Carter, PC, CPAs and Consultants, where he specializes in the preparation and review of individual, corporate, estate, trust and partnership tax returns for small and mid-sized businesses; acquisition, and reorganization and financing of corporations, limited partnerships and limited liability companies; complex commercial real estate transactions (Section 1031 tax-free exchanges, leasing, purchase/sale); tax research and planning. Over the past 10 years, Doug has taught several accounting and tax courses for Grand Valley State University, Hope College and Davenport University, as well as served as a speaker for the Michigan Association of CPAs. Doug received his B.S. in accounting from Dordt College and his Juris Doctor from the University of Illinois. He is a member of the MACPA, Michigan State Bar, AICPA and the Economic Club of Grand Rapids.
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