United States

Revenue recognition considerations for member-owned private clubs


Download White paper

In May 2014, the Financial Accounting Standards Board issued new revenue recognition guidance that will, upon its effective date, replace most pre-existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. For member-owned private clubs with a calendar year end, implementation must occur no later than the year ending December 31, 2019.

To assist in understanding how a member-owned private club could be affected by the new revenue recognition guidance, we have prepared our white paper, Revenue recognition considerations for member-owned private clubs. This white paper includes discussion of the following topics, as well as examples to illustrate certain concepts:

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

With the effective date of the new revenue recognition guidance fast approaching, member-owned private clubs should be well on their way to: (a) assessing how their revenue recognition will be affected and (b) developing an implementation plan.