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Florida Crowdfunding Site Provides Fresh-Squeezed Opportunities Crowdsourcing.org "Crowdfunding is opening the door for talent that was previously hidden to translate into serious business and profit," declares Robert Dobyns, founder of Conzortia. "This new method of business funding is quickly becoming the catalyst that will shake ... See all stories on this topic » | ||
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Exclusive: Songkick Reveals Music Concert Crowdfunding Plans With The Tale ... hypebot.com After posting about Songkick's crowdfunding plans at Crowdfunding For Musicians from a press release that I don't think Songkick expected to see in public, Hogarth contacted me to fill me in on the backstory of Songkick's developing plans. He revealed ... See all stories on this topic » | ||
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[Crowd Leader: Jonathan Moyal] Is Crowdfunding Cultural? Daily Crowdsource I don't have an answer to this question. I would love it if some of our international readers can debate this in the comments section. It's an important question for crowdfunding websites when making plans for international expansion, but it's also a ... See all stories on this topic » | ||
Sports go crowdfunding Crowdsourcing.org (blog) Description The Sportfunder website lets individuals and organisations create project profiles online together with funding targets, funding deadlines, plus the ability to upload images and videos to support crowdfunding drives. Project supporters can ... See all stories on this topic » | ||
inLieu Giving CEO Gives Testimonial of Why the inLieu Team Chose ... Crowdsourcing.org (blog) Description inLieu Giving is a socially responsible crowdfunding platform powered by Launcht. The platform enables people to dedicate their birthdays, weddings, or other special occasions to collect donations for causes in need. It is a powerful way to ... See all stories on this topic » |
A start-up using crowd funding to create a product is different from a normal company. The start-up has cash inflows from donations but does not have a product, yet. In this situation, we recommend using completed-contract method to recognize revenue. Under this way of thinking, we assume the start-up is akin to a project or a long-term contract. The crowdfunding company will find it difficult to estimate the revenue from crowdfunders and, hence, the cost of rewards or perks. Under International Financial Reporting Standards (IFRS) and GAAP guidelines, if the firm cannot reliably measure the outcome of the project, revenue should be recognized based on contract costs. These costs should be expensed when incurred. Profit is recognized only at the completion of the project. In summary, for crowdfunding companies, revenue, expense, and profit are recognized only when the crowdfunded product is actually manufactured. 1 For example, assume that AAA Corp. wants to manufacture bicyc...
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