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REV RECRevenue Recognition (trade)
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Consistent with prior guidance: Commodity cost inflation of approximately 2.0 percent; Restaurant-Level Margin of approximately 26.0 to 27.0 percent of company restaurant sales; SG&A as a percentage of revenues of approximately 8.5 to 9.0 percent, which reflects the new revenue recognition standard; G&A as a percentage of system-wide sales of approximately 1.8 to 2.0 percent, which reflects the new revenue recognition standard; Approximately 25 to 35 new restaurants opening system-wide, the majority of which will be franchise locations; Capital expenditures of approximately $30 to $35 million, excluding purchases of assets held for sale or leaseback; Adjusted EBITDA of approximately $260 to $270 million.
* Service revenue growth of 1.9 percent year over year, excluding the impact of the revenue recognition standard adopted on Jan.
Consolidated sales for the first quarter of fiscal 2019 without the adoption of the new revenue recognition standard would have been $1.77 billion, an increase of 11.3 percent compared to the first quarter of fiscal 2018.
To comply with the new law, tax professionals will need to learn about the new accounting revenue recognition standard, Revenue from Contracts with Customers, issued as a joint endeavor by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
Now that FASB's new revenue recognition standard is effective, it is worth considering how well the guidance meets the goals originally set by the board.
In November 2018, the Financial Accounting Standards Board (FASB) released additional educational examples that will assist franchisors in understanding and applying the new revenue recognition standard.
The financial results reflect the amounts prior to the impact of the new revenue recognition standard.
Santa Clara, CA, October 06, 2018 --( Bramasol, the leader in compliance and finance innovation solutions, has announced a new, purpose-built application, Analytics for Revenue Recognition Disclosure Reporting.
A new alliance between KPMG LLP and Aptitude Software will offer a managed service to help private companies adopt the new Revenue Recognition accounting standard, ASC 606, before the January 2019 deadline.
accounting standard for revenue recognition, using the cumulative catch-up transition method.
The timing of revenue recognition has varied with accounting methods, but generally swings between the effective date of the policy and the billing dale of the policy.
Industries like software and real estate, for instance, have complex, detailed and disparate revenue recognition requirements for specific transactions under GAAP (U.S.