Help clients implement revenue recognition

July 26, 2019

Make sure your clients are ready to adopt the Financial Accounting Standards Board’s (FASB) accounting standard on revenue recognition, issued as FASB ASU 2014-09 with subsequent amendments.

Public companies adopted the new guidance in 2018, and private companies will soon have their turn. The guidance is effective for private entities in 2019 for annual reporting periods and 2020 for interim periods.

The revenue recognition standard applies to all revenue streams and also contains new guidance for some costs. Clients should have a complete implementation plan that captures all revenue streams and includes accounting changes for costs to obtain or fulfill a contract. Three tips can help you assist them.

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