With the new revenue recognition standard scheduled to go into effect in 2018 for public companies and 2019 for private companies, it’s critical to lay the groundwork now. The new guidance provides a principles-based, five-step process for recognizing revenue that sharply contrasts with the current rules-based, industry-focused standards that have been in use for decades.
If your organization issues financial statements based on generally accepted accounting principles (GAAP) in the United States, the transition will involve significant planning, training, and process changes. Delays can hinder implementation and compliance. The effective dates are not like tax deadlines — you can't count on extensions.
But here's the good news: We've developed a series of guides to help you prepare. We offer detailed insight into the new process, implementation steps, and post-implementation responsibilities for the following industries:
- Broker dealers
- Business services
- Construction
- Financial institutions
- Franchise
- Healthcare
- Higher education
- Industry agnostic
- Insurance services
- Investment funds
- Manufacturing
- Not-for-profit
- Professional service firms
- Real estate
- Restaurants
- Retail industry
With thoughtful planning and preparation now, organizations can simplify the adoption process, minimize operational impacts, and build a sustainable framework for ongoing compliance.
