ARC Consulting LLC is proud to provide you with information on the latest developments that may affect your accounting, reporting and compliance needs. Staying up to date on the ever-changing environment can help you prepare and plan for significant changes that affect the manner in which you do business. We hope that you find the below news and links helpful!
News
Revenue Recognition Changes
On September 23, 2009, the FASB ratified two new EITF's (EITF 08-1 and 09-3) on revenue recognition that are fairly significant changes to prior practice. EITF 08-1 changes the manner in which separate elements of an arrangement are identified and changes the way in which arrangement consideration is allocated amongst the various elements identified. EITF 09-3 changes revenue recognition requirements for arrangements that include both hardware and software.
A copy of the abstract for EITF 08-1 is located at the following link: http://bit.ly/eXtThW
A copy of the abstract for EITF 09-3 is located at the following link: http://bit.ly/ePiikm
In October 2009, the FASB issued two Accounting Standards Updates ('ASU') related to the above issues, ASU No. 2009-13 and ASU No. 2009-14, which have been incorporated into the FASB Accounting Standards Codification ('ASC').
Other Useful Links
FASB Website: http://www.fasb.org/home
IASB Website: http://www.iasb.org/Home.htm
AICPA Website: http://www.aicpa.org/
FASB Codification Website: http://asc.fasb.org/home
SEC Website: http://www.sec.gov/
PCAOB Website: http://www.pcaob.org/
Center for Audit Quality Website: http://www.thecaq.org/
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- Testimonial -
“ARC Consulting delivered well beyond our expectation on the following fronts:
- Work product – they brought a thoughtful, forward looking approach with a clear plan and clearly defined deliverables, very similar to how we run our business.
- Technical knowledge – they could answer any type of question we had and clearly demonstrated that they have deep technical expertise balanced with real world experience.
- Budget management – they fully understood that we have budgetary constraints and were exemplary in terms of charging hours in a fair and transparent manner, which is clearly a breath of fresh air in the professional services world.
I would recommend ARC to anyone who needs technical accounting expertise delivered in a friendly, honest, professional manner.”
Saravanan Chettiar
VP of Finance, Castlight Health Inc.
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