Accounting and Auditing | Albin, Randall and Bennett

Are You Ready for the New Revenue Recognition Standard?

If your company gets revenue from contracts with customers, as construction companies do, you’d better be ready for ASC 606, the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). That’s because it goes into effect this year for privately held businesses. The principle of the new standard is that a business

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FASB Proposes Extended Effective Dates for Private Companies and Nonprofits

Yesterday the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update that changes the effective date for certain new accounting standards. Private companies and nonprofits will benefit from the additional time to evaluate and implement the new lease, expected credit loss (CECL), and hedge accounting standards. The following are the proposed new effective dates: Leases- years beginning after December

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