Do you understand the impact of the new accounting standard on your business? Revenue recognition has been around since 2010, when the first draft of the new standard was released. Three exposure drafts and numerous accounting standards later, it will be required to recognize income under the five-step approach.
We hosted a free breakfast seminar event at the Golden Valley Country Club on July 30 and attendees learned…
1. GAINED A BETTER UNDERSTANDING.
The new revenue accounting standards requires a consistent, single model for recognizing revenue and disclosure requirements on financial statements. This new standard was effective January 1, 2019 for all industries.
2. HOW TO PLAN FOR CHANGES.
In 2020, nearly all leases will need to be disclosed on the balance sheet. This may have a major affect on business banking relationships and access to new capital.
3. RECEIVED GUIDANCE ON THE IMPACTS.
At this educational seminar, we provided attendees with awareness and advice on these key issues and how they may impact business decisions.
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