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Jared Benedict: Performance Obligations Under New Revenue Recognition Guidance


Aventine Hill and Weaver recently hosted the 8th Annual San Antonio CPA Event (see video here). A hot topic continues to be the new ASC 606 Revenue Recognition standard. The guidance has created new challenges for many companies with diversified service offerings.  ...


Tim Geppert: Small Businesses Can Compete for Bonded Construction Projects


Having spent a career in and around the construction business, a strategy many small business owners consider is whether to bid on bonded projects. Government construction contracts typically require surety bonds so there is a large market opportunity. The good news here in the San Antonio area is that Bexar County and the U.S. Department of Transportation offer a free Bonding Education Program (BEP) to provide small and disadvantaged businesses the tools and resources required to compete for projects requiring a surety bond. The USDOT course covers many topics over the eight weeks, one night per week. ...


Casey Hall: Business Turnaround Lessons Learned from Greg Brenneman


Recently, I attended the Tri-Cities NACD breakfast with Greg Brenneman of CCMP Capital as a one man panel and Bill Chiles of Pelican Energy Partners as the moderator. Greg shared his lessons learned from a career of leading turnarounds as a consultant, executive, board member, and private equity investor. It was about as well-rounded of a perspective as one person could give. An excellent session! ...


John Trampe: The business value of internal controls in banking


In recent news, there have been stories about large banks committing fraudulent activities. Credit cards were issued without the customer’s consent. Accounts were set up that customers would learn about only after they were charged fees. Fake email accounts were set up to sign up customers for online banking. ...


Balance Sheets + $2 Trillion = New Lease Standard


In February, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02 – Leases (Topic 842). This Update replaces 40 years of lease accounting rules with principles-based guidance. While ASC 842 started its life over 10 years ago as a converged project between the FASB and the International Accounting Standards Board, there is a key difference between the two…more on that later. But they do share one main feature: almost all leases will now be accounted for on the balance sheet. By some estimates, this will mean an additional $2 trillion on U.S. balance sheets. ...


Jens Mielke: Revenue Recognition Lessons Learned (So Far)


In my first blog on the topic of the new Revenue Recognition guidance, I shared an overview of what ASU 2014-09 covers and some thoughts around how it will impact companies. Since then, Aventine Hill's Technical Accounting team has been engaged by clients to assist with their initial assessment and adoption process. While still early, some “lessons learned” can be shared to help others who are about to begin the process. As the old advertising saying goes, “your results may vary.” So too may your experiences with Revenue Recognition. Every company is different and even companies in the same industry may have different outcomes. ...


Jens Mielke: New Revenue Recognition Rules Coming to a Board Meeting Near You


May 28, 2014 was a milestone day in accounting history. The Financial Accounting Standards Board and the International Accounting Standards Board issued the first converged accounting standard – Accounting Standard Update 2014-09 – Revenue from Contracts with Customers (Topic 606). ASU 2014-09 replaces hundreds of pages of existing revenue accounting guidance, much of which represents layers of detailed ad hoc industry-specific rules, with one principles-based standard. Since revenue usually (hopefully!) is the largest number on a company’s income statement, this new standard is slowing getting the respect it deserves. The impacts will reach beyond the accounting department. Ultimately, investors will see changes in quarterly revenue and employees will see changes in pay that is tied to company performance.  ...


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