For many entities adopting the new standard will require careful planning.
The new revenue rules established comprehensive accounting guidance for revenue recognition and will replace substantially all existing U.S. GAAP on this topic. The new guidelines are substantially merged with the IFRS 15. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It uses the transfer of control between the parties to determine the pattern of revenue recognition based on the consideration to which the vendor is entitled. This white paper reviews the five basic steps to accomplish this objective.
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