When Should a Company Recognize Revenues on Its Books?

Learn the two GAAP criteria for revenue recognition and how companies can accurately report on their financial statements ...
JD Supra

IRS Revises Form 1024; Annual Revenue Procedures; New Issue Snapshot; Deducting Charitable Contributions: Understanding Your Responsibilities

IRS revises Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, as part of ongoing efforts to improve service As part of ongoing ...
JournalofAccountancy

Challenges to consider in auditing revenue recognition

FASB’s new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard ...
JD Supra

Government updates procedures to change R&D, income recognition, and inventory methods in new Rev. Proc. 2024-23

On April 30, 2024, the Internal Revenue Service (IRS) released Rev. Proc. 2024-23, List of Automatic Changes, which provides the list of tax accounting method changes a taxpayer may file under the IRS ...
CU Boulder News & Events

Revenue Recognition Timing

Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...
JournalofAccountancy

Software Revenue Recognition on the Rise

Statement of Position (SOP) 97-2 provides guidance on applying GAAP in recognizing revenue from software and software-related transactions. The SOP provides instruction on recognition for licensing, ...
Nasdaq

Spire Global Achieves Financial Milestone; Provides Update on Revenue Recognition Review and Restatement

VIENNA, Va.--(BUSINESS WIRE)-- Spire Global, Inc. (NYSE: SPIR) (“Spire” or the “Company”) announces a milestone for new contract bookings in the third quarter and provides an update on the ongoing ...