Thank you for visiting our blog. If you have questions about any of these items, contact us at email@example.com or reach out to your Sisterson representative.
An operating reserve is an unrestricted and relatively liquid portion of a not-for-profit's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization's security and long-term survival. Read more
Beginning on January 1, 2018, and continuing in 2019, Pennsylvania businesses and non-profits are required to withhold Pennsylvania Personal Income Tax on nonemployee compensation that is paid to nonresident individuals and single-member LLCs that have a nonresident owner for "work performed Read more
This article addresses steps 4 and 5 of the new revenue recognition model: allocation of the transaction price to performance obligations and recognizing revenue when, or as, performance obligations are satisfied. Read more
This step of the revenue standard addresses the determination of the transaction price in a contract arrangement. Topic 606 defines the transaction price as "the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer." Read more
In this article we dive deeper into steps 1 and 2 of the Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers: identify the contract with a customer and identify the separate performance obligations in the contract. Read more
Many companies choose to lease certain assets, rather than buy them outright. Roughly 85% of these leases are not reported on company balance sheets, according to estimates made by the Financial Accounting Standards Board (FASB). However, that is going to change under a new accounting standard. Read more
If your company or non-profit enters into contracts, it may need to update the way revenue is reported under new accounting guidance that goes into effect for private companies with annual reporting periods beginning after December 15, 2018 (in other works, calendar year 2019). Read more