In May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.
The BDO RiskFactor Report for REITs is a yearly study that analyzes the risk factors cited by the 100 largest publicly traded REITs in the U.S. in their most recent 10-K filings. The study, which is now in its third year, examines the most commonly noted risks and ranks them by order of frequency cited.
New orders in April 2014 were up 13 percent over April 2013, according to our latest survey of residential furniture manufacturers and distributors. We expect that some of this large increase is due to the fact that the High Point April Market was early in 2014 (starting April 5) versus a late market in 2013 (starting April 20). With market starting early in the month, there is more time to record after market orders in April. We will see if this affects May order rates. Approximately 77 percent of our participants reported increased orders in April, up from 62 percent in March.