The FASB and IASB recently released a final converged standard on revenue recognition. Companies across all industries will use a new five-step model to recognize revenue from customer contracts.
The new standard, which replaces nearly all existing US GAAP and IFRS guidance, will require significant management judgment, in addition to changing the way many companies recognize revenue in their financial statements.
Business revenue is a significant benchmark that drives other critical metrics like net income, EBITDA and earnings per share. The changes will have pervasive impacts on people, policies, processes and systems, and there are a number of things to prepare for now.
That’s where we come in. We provide an integrated approach to help you understand the new standard and be better prepared for the change. We take into account your unique situation, and apply our significant knowledge of the new standard to help your business from end to end.