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Robert N. Gray
Mar 11, 2019

During 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is effective for non-public companies for years beginning after December 15, 2018 (i.e., calendar year 2019 or fiscal years ending in 2020).

The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Patricia A. O'Malley, CPA
Mar 4, 2019

Organizations exempt from income and franchise, sales and use and/or personal property taxes in the District of Columbia are subject to a new requirement to renew tax exemptions every five years. The requirement is effective for 2019.

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