How Citrin Cooperman Can Help
Citrin Cooperman’s revenue recognition subject matter experts provide clients with valuable insight into the challenges they can expect to face, the steps that should be taken immediately, and the implementation strategies that are best-suited to ensure a smooth transition to this unprecedented new standard.
The new revenue recognition guidelines were designed to be homogeneous, regardless of industry. However, some industries will be affected more than others, including construction, government contractors, technology and life sciences, and areas of entertainment, music, and sports.
The new revenue standard may affect change in several areas of business, including:
- Recognition, measurement, and disclosure of revenue streams.
- Financial considerations including debt covenants, compensation plans, income taxes, and more.
- Financial reporting processes, controls, and systems, including software and cybersecurity.
- Transfer pricing and income tax planning.
- Sales incentive programs and sales contracts.
- Operating procedures and various departments including human resources, legal, information technology, etc.