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Start Preparing Now for New Revenue Recognition Standard

 
  Howard Goldman, Partner, CFO Edge, LLC  
   
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  Article Summary  
While the effective dates have been delayed for the new FASB/IASB revenue recognition standard replacing industry-specific GAAP rules, Los Angeles and Southern California executives face significant potential risks if they fail to plan and prepare for application.

Given challenges of financial statement preparers, the new revenue recognition standard, Accounting Standards Update (ASU) 2014-09, now becomes effective for public companies with annual reporting periods beginning after December 15, 2017, and for private companies after December 15, 2018.

But delaying preparation can lead to a number of significant challenges and accompanying costs as the effective dates get closer.

Reviewed in the full PDF are six specific risks that can occur without adequate preparation, as well as five areas that you should discuss now with an experienced professional.

Executives can benefit from talking with a provider of outsourced CFO services as a resource of this nature brings deep expertise in revenue recognition and the new standard's impact.

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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