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 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.
Please see below for our general guideline for private businesses, or click here for a downloadable PDF.
If you’re interested in our other industry-specific guides from the series, please see the following: