Mind the GAAP and Wipfli have responded to the FASB’s proposal to introduce a revenue recognition practical expedient for nonpublic franchisors. While we generally favor efforts to simplify existing accounting guidelines, we do not support moving forward with this specific project.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 establishes comprehensive accounting guidance for revenue recognition and will replace substantially all existing U.S. GAAP on this topic…
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 introduces new Accounting Standards Codification Topic 606. ASC Topic 606 could significantly change revenue recognition for the hardware industry…
In May 2014 – after years of discourse, debate, and deliberations – the FASB and IASB (“the Boards”) issued a joint standard on revenue recognition (ASC 606 and IFRS 15)…