Private companies that follow Generally Accepted Accounting Principles (GAAP) must use an updated five-step method to recognize revenue beginning in 2019. Public companies that made the switch in 2018 report that the process was more difficult than expected. The standard required them to comb through contracts, make subjective judgment calls and offer paper trails to back up their estimates to auditors. If you haven’t started implementing this landmark standard, we can help prepare your revenue reporting systems, processes and policies.
