Blog Post New Revenue Standard and Implications for IMBs
New Revenue Standard and Implications for IMBs
For Independent Mortgage Bankers operating on a calendar year, January 1, 2019 marked the effective date for the application of the FASB’s Accounting Standards No. 2014-09, or Revenue from Contracts with Customers (Topic 606). Though Topic 606 should have a limited effect on IMBs, there are potential circumstances when it would apply, prompting a necessary change in accounting.
Our mortgage industry specialists at Richey May have developed the following white paper to help you understand if and when Topic 606 would come into play for your business:
Please reach out to your Richey May contact with any questions regarding this topic and how it impacts your business, or email us.