As private companies are now a few years into the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, it is important to note the impact this has had on the manufacturing industry and understand the changes to revenue recognition so owners may better operate their businesses. By definition, a manufacturer should… [keep reading…]
Tag: Accounting Standards Codification
New Lease Standards Effective for Private Companies
In April 2020, Financial Accounting Standards Board (FASB) voted to defer the effective date of Accounting Standards Codification (ASC) 842, Leases for certain entities. Now effective for fiscal years beginning after December 15, 2021, all private companies will be required to adopt the new standard which will impact the way most lease agreements are reported… [keep reading…]