by Lawhorn Team Professional | Feb 10, 2019 | Advice, Business Practices, Financial Planning, Tax
Previously, we addressed Steps 1, 2, and 3 of the Accounting Standard Update (ASU) No. 2014-19, Revenue from Contracts with customers. This post moves on to Step 4, allocating the transaction price to the performance obligations in the contract. This, and one final,...
by Lawhorn Team Professional | Feb 1, 2019 | Advice, Business Practices, Financial Planning, Tax
Revenue from Contracts with Customers, ASU 2014-09, provides framework for businesses to gather revenue and know when and how to report revenue. We have a series of posts concerning the framework laid out in the accounting update; previous posts can be found on the...
by Lawhorn Team Professional | Dec 4, 2018 | Advice, Business Practices, Tax
Requirements within state sales tax regulations have changed. The Supreme Court reversed the law (Quill v. North Dakota) requiring retailers to have a physical presence within a state before the state can collect sales tax from businesses. South Dakota v. Wayfair...
by Lawhorn Team Professional | Nov 20, 2018 | Business Practices, Tax
Previously, we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts from Customers. Although this standard is specific and all-encompassing, framework is provided for assistance. Step One begins by assisting companies with...
by Lawhorn Team Professional | Oct 16, 2018 | Advice, Business Practices
In our first edition of this series we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This standard is specific and all-encompassing and the FASB (Financial Accounting Standards Board) provides framework for...
by Lawhorn Team Professional | Oct 9, 2018 | Business Practices, Tax
The following is the first in our series of articles discussing the latest on the Revenue from Contracts with Customers standard, ASU (Accounting Standard Update) No. 2014-09, which was to be adopted by public companies by year end 2018. Our goal is to keep you...