BREAKING NEWS

Stephen Mazza Joins BMF as Partner!

BMF welcomes with pride and purpose, our newest partner and member of the firm, Stephen Mazza!

Articles & Publications

Revenue Recognition Issue 5 – Determine the Transaction Price

In many contracts with customers, the transaction price is fairly obvious; however, oftentimes it is not and requires significant interpretation. For example: Are there variable pricing components under the contract (like rapid payment incentives, quantity purchase discounts, penalties for late. Read More >>

Revenue Recognition Issue 4 – Identify Separate Performance Obligations

Contract accounting is extremely complex. As you work to implement the new revenue recognition standards, you need to review and document your customer contracts to determine which provisions within the contract provide for separate performance obligations (or deliverables) to. Read More >>

The Fraudulent Illusion of Early Revenue Recognition

Improper revenue recognition has long accounted for a substantial portion of financial statement fraud. By simply recording revenue early, a dishonest business seller trying to inflate the sale price or an employee under pressure to meet financial benchmarks can. Read More >>

Revenue Recognition Issue 3 – Identify the Contract

Contracts can take many forms. Some contracts are formal, some are written agreements, some are in the form of purchase orders, and some may be just oral understandings. At the time of revenue recognition, you would need to assess. Read More >>

Revenue Recognition Issue 2 – Basics of Revenue Recognition: The 5 Step Approach

The Five Step Approach The new revenue recognition standards require the use of a five-step approach in determining how to recognize revenue on your financial statements. The five steps established by the rules are as follows: 1. Identify the. Read More >>

Revenue Recognition Issue 1 – Introduction to Revenue Recognition: Why You Should Care

    What is it? On May 28, 2014, accounting rule makers (FASB and IASB) adopted new standards for recognizing revenue in your financial statements from customer contracts. Revenue is the single largest line item in most companies’ financial. Read More >>

Lease Accounting: Not As Far Away As It Seems

With the massive changes coming to revenue recognition, it’s easy to forget that there are also some significant changes to lease accounting closely following. The new lease standard supersedes FASB ASC 840 and becomes effective for non-public companies for. Read More >>

Show Me the Money (and where it goes): The New Revenue Recognition Standards

There aren’t many instances when the accounting industry faces a game changer. But with the new Revenue Recognition Standard FASB has put in place, that’s exactly what every company will experience in its day-to-day accounting practices. To make sense. Read More >>

Accounting for Contract Exchange vs. Contribution

Revenue Recognition Your Nonprofit Should Know Distinguishing the various types of nonprofit revenue transactions can be tricky, especially when it comes to contributions versus contract exchange revenue. And with the implementation of the new Financial Accounting Standards Board (FASB). Read More >>

New Revenue Recognition Standard: Changes for Long-Term Contracts

For six years now, construction industry leaders and accounting professionals have been nervously following the progress of a new revenue reporting standard that was being developed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board. Read More >>