The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, to align accounting standards, reduce industry-specific complexities, and shift the thought process of recording revenue from a rules based process to a principles-based approach.
This new standard replaces nearly all existing revenue recognition guidance and will go into effect in calendar year 2018 for public business entities, and calendar year 2019 for private companies.
We understand that these standards will have a profound effect on the way that your business recognizes and records revenue. To help make the application of these standards easier to understand, we’ve created a series of short guides to help you navigate these changes. In November we released our general guidelines to recognizing revenue under the new standards, which can be found here: What you NEED to know about the new revenue recognition standards.
This, the fifth industry-specific guide in this series, is focused on how these new standards will apply to Government Contractors. Please see below, or click here for a downloadable PDF. The PDF includes the general guidance in addition to the Government specifics listed below.
If you’re interested in the other four industries included in this series, please see the following:
For more information about this topic, please contact us at firstname.lastname@example.org and we’ll connect you with one of our Goverment Contracting experts.
STEPHANIE MCGUIRE, CPA, is a Director in the Audit, Accounting and Consulting Department of Ellin & Tucker. With more than a decade of expertise, Stephanie has helped develop the firm’s manufacturing, wholesales distribution and not-for-profit industries, as well as employee benefit plans engagements, both nationally and internationally. In addition to her financial reporting and business consulting expertise, Stephanie is a leader in Ellin & Tucker’s quality control standards department, which provides the latest accounting pronouncements and standards updates to professionals in the firm. She may be reached at email@example.com.
DAVID D. SCHRIVER, JR., CPA, is a director in the Audit, Accounting and Consulting Department and chairperson of the Education Services Group at Ellin & Tucker in Baltimore, Md. David brings to the table more than 20 years of expertise in providing financial statement audit, review and compilation services as well as preparing corporate tax returns for his clients. As an engagement leader for several of the firm’s not-for-profits and independent school clients, his familiarity with budgeting and forecasting, cash flow analysis, strategic planning, capital campaigns, risk management and human resource functions is a rare set of skills few other accountants can match. He can be reached at firstname.lastname@example.org.
Michael A. Strauss, CPA, is a director in the Audit, Accounting and Consulting Department and a leader of the Not-For-Profit Services Group at Ellin & Tucker in Baltimore, Md. Michael brings to the table nearly two decades of expertise in providing management advisory, financial reporting, tax and other professional services to his not-for-profit and private foundation clients. He can be reached at email@example.com.