What You NEED to Know About the New Revenue Recognition Standards

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, to align accounting standards, reduce industry-specific complexities and shift the thought process of recording revenue from a rules-based process to a principles-based approach.

This new standard replaces nearly all existing revenue recognition guidance and will go into effect in the calendar year 2018 for public business entities, and the calendar year 2019 for private companies.

We understand that these standards will have a profound effect on the way that businesses and not-for-profits recognize and record revenue. To help make the application of these standards easier to understand, our experts have broken down the changes and created a series of guides to help you and your business navigate them.

If you’re looking for a general private business guide, please see below, or click here to download the PDF.

If you’re looking for a particular industry, our guides cover:

• What Not-for-Profit Entities NEED to Know
• What Construction Entities NEED to Know
• What Retail and Distribution Entities NEED to Know
• What Manufacturing Entities NEED to Know
• What Government Contractors NEED to Know