No matter if you are a small, medium or a large business, by now you’ve heard the most important reportable item on your financial statement is about to change. What you should be asking yourself however is: are you ready for it?
In September 2016, the Financial Accounting Standards Board (FASB) warned companies that many will need to accelerate their preparation in order to be ready by the revenue standard’s effective date. The new standard replaces approximately 120 elements of industry-specific guidance in current U.S. GAAP with a more principles-driven approach to revenue recognition, and thus implementation may become an extensive …read more
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