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    Practice Leaders

    Revenue Recognition

    Adopting the New Standard

    Revenue recognition has been the focus of the finance community for many years. The newly converged standard requires every company, public or private, to consider how the changes will impact how and when they recognize revenue.

    The Accounting Standards Update, Revenue from Contracts with Customers, as issued by the Financial Accounting Standards Board (FASB) will effect annual reporting for public companies beginning December 16, 2017, including interim periods within that reporting period. For non-public entities, the deadline is December 16, 2018.

    This new standard replaces virtually all U.S. GAAP guidance that currently exists on revenue recognition with a single model to be applied to all contracts with customers. It provides a significant amount of judgment and added complexity, moving to a principles-based approach instead of providing a series of rules that apply in different scenarios.

    The Revenue Recognition team at Frazier & Deeter helps both public and private companies transition to the new standard and can determine if existing accounting policies and systems reflect the new standard.

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    Leveraging Technology

    Technology Companies: the Revenue Recognition Transition

    The accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic companies are on deck…

    Practice Leaders

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