June 23, 2018

Revenue Recognition

controllers priorities 2018

6 Controllers Share Their Most Pressing Priorities for 2018

Happy New Year! While 2018 officially began for us accounting scribes once the New Year’s Eve hangover faded away, a majority of accounting and finance departments celebrated the start of the new year several months ago. Many companies’ 2018 fiscal year first quarters began last fall, but the process of planning key accounting and finance […]

new revenue recognition ASC 606

The New Revenue Recognition Standard Needs a Sexy Nickname, Okay, Sure

Perhaps I’m reading too much into it, but this guy thinks everyone needs to start freaking out over the new revenue recognition rules: “Revenue recognition feels like a big, big issue,” said Zuora CEO Tien Tzuo, whose company specializes in software for managing subscriptions. “This feels as big or bigger than Y2K or SOX. SOX […]

Tim Gearty new revenue recognition rules

Accounting for Stuff With Tim Gearty: Allocation and Revenue Recognition

CPA exam scores were released today, so it only seems appropriate that we conclude our four-part series featuring snazzy dresser and GAAP oracle Tim Gearty. If you’ve been holed up in a fallout shelter for the past few weeks, go catch up on Parts I, II, and III. Double-o Gearty wraps things up with allocation […]

accounting for stuff tim gearty revenue recognition transaction price

Accounting for Stuff With Tim Gearty: The Transaction Price Under the New Revenue Recognition Rules

The third installment of Accounting for Stuff With Tim Gearty is here. For round 3, TG tackles the transaction price within the new revenue recognition rules. You can check out Parts I and II if you’ve been under a rock at the bottom of the ocean. Now, you might think you already know everything there […]

Tim Gearty new revenue recognition rules

Accounting for Stuff With Tim Gearty: Separation of Performance Obligations

Back with round 2 of Tim Gearty’s overview of the new revenue recognition rules. Go catch up on Part I, if you’re late to the party. (But don’t worry, you’re never late to the party.) This time Lord Gearty covers the separation of performance obligations. So pay attention, you’ll learn something. Stay tuned for more on […]

Tim Gearty new revenue recognition rules

Accounting for Stuff With Tim Gearty: The New Revenue Recognition Rules

Lots of accountants are in a mad dash to learn the new revenue recognition rules that go into effect later this year. Going Concern has teamed up with CPA review legend Tim Gearty to present a series of videos to help educate you on the new revenue recognition rules without combing through the FASB website. […]

This 8-K From Valeant Is Something to Behold

This morning, troubled drug company Valeant announced a restatement and that its CEO Michael Pearson would be stepping down. This all started, you may remember, last fall when reports from the Southern Investigative Reporting Foundation and Citron Research published reports questioning Valeant's relationships with pharmacies, accounting, etc. etc. and it culminates with this. Oh, who […]

FLASH: Sales, Accounting Personnel Face Pressure to Meet Revenue Goals

Marvell Technology Group's audit committee launched an investigation into the company's revenue recognition policies last September. They didn't find any funny business but did learn that “internal controls were not fully followed,” “revenue was recognized prematurely for some transactions,” and the real bombshell: The committee also said there was "significant pressure" on sales and finance […]

IBM: We Mind the GAAP

IBM disclosed an investigation into its revenue recognition today but isn't worried too about it: In a statement on the investigation, IBM defended its accounting practices as “rigorous and disciplined,” adding that it is “confident that the results and information we report have been appropriate and consistent with GAAP,” or Generally Accepted Accounting Principles. The […]

IASB Can Take a Hint, Will Delay New Revenue Recognition Rules

After releasing its proposal to delay its revenue recognition rule back in April, the IASB received 100 comment letters and "virtually all" of them supported the idea. Today, they went ahead and pushed it back to 2018. Hope everyone's happy. [WSJ]