New Revenue Recognition Standards Are Now REAL For nonpublic companies, the new revenue recognition standards that the Financial Accounting Standards Board (FASB) implemented are now a reality. FASB 606, Revenue from Contracts with Customers, is effective for fiscal years beginning…
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Contract Related Assets and Liabilities There are several situations that give rise to contract related assets and liabilities when working with the government. According to section 912-310-25 (page 14) Recognition of the Financial Accounting Standards Board’s (FASB) accounting standards, receivables…
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