Sisterson Blog

ASU No. 2014-09

Revenue Recognition Contracts: Part 4

Revenue Recognition Contracts: Part 4

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

Revenue Recognition Contracts: Part 3

Revenue Recognition Contracts: Part 3

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

Revenue Recognition Contracts: Part 2

Revenue Recognition Contracts: Part 2

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

Revenue Recognition Contracts: Part 1

Revenue Recognition Contracts: Part 1

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