The new standard on revenue recognition relative to contracts with customers was issued by the FASB and IASB in 2014 with subsequent implementation guidance provided in 2015 and 2016. There will be a significant change to how revenue is recognized with expanded disclosure requirements. For CCRCs, some considerations are:
*accounting for nonrefundable entrance fees
*accounting for monthly service fees
*accounting treatment for refundable entrance fees
How will your community deal with the impact of the new revenue recognition standards?