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White paper

Revenue recognition considerations for member-owned private clubs

Sep 13, 2023
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Revenue recognition Financial reporting Audit Private clubs

In 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) to provide a robust framework and comprehensive principles for addressing revenue recognition issues. Additionally, the guidance on accounting for certain costs related to a contract with a customer in the scope of Topic 606 was codified in ASC 340-40, Other Assets and Deferred Costs – Contracts with Customers.

In our white paper, Revenue recognition considerations for member-owned private clubs, we discuss the following topics:

  • Scope: Customer or owner?
  • Scope: Revenue transaction or ownership transaction?
  • Disclosure requirements

For additional information about all of the revenue recognition guidance as well as numerous examples illustrating how to apply the guidance, refer to our publication, A guide to revenue recognition.

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