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Lease Accounting Software Buyer's Guide


With the issuance of the new ASC 842 lease accounting standard (ASU 2016-02), most companies are finding their existing ERP or accounting system has not yet been updated to track and calculate the required information. This has created a need to select a niche piece of software to perform the new calculations and generate the required general ledger updates and disclosure reports. ...


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.  ...


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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