Found 589 Results
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
Hi! Typically dollars related to events are conditional upon the events taking place AND restricted to the purpose of the event. In that case, the…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
Part #1 – FASB no longer permits (per ASU 2016-14) the release along the way. FASB requires releasing at the time the asset is placed…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
Hi! In our experience, these kinds of use restrictions have a time frame as well (something similar to “use as a shelter for 25 years).…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
great, that sounds good. informative webinar, thank you
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
In case #2 – The government is the resource provider, but is not a customer buying services for themselves. They are funding services that will…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
Hi! A report alone is not enough to create a condition. FASB indicates that a report alone may be considered an administrative requirement and not…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
One more thing! If the years 3 and 4 payments come in after the work is finished, is the implication that these will go toward…
Reply To: Discussion with Gina McDonald for 8.15.23 Revenue Recognition Event
FASB requires unconditional contributions to be recognized as revenue. Restrictions do not affect recognizing revenue and, if we are following GAAP, we must book restricted…