New revenue recognition rules go into effect for annual reporting periods beginning after December 15, 2017 for public companies and December 15, 2018 for private companies. These new regulations are anticipated to be a game-changer, converging IFRS and U.S. GAAP standards, consolidating the rules for all industries and increasing required disclosures. The new rules are also projected to be time-consuming and costly to implement. Our revenue recognition advisors will help you prepare to transition to the new guidelines as seamlessly as possible.
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: