standards are changing and it is arguably the biggest accounting change to happen in over a decade. The goal is for international and US business to use systems that are essentially the same and to standardize revenue analysis across industries both public and private. From the recent PwC survey, many companies do not yet have a complete understanding of how the standard will affect their organizations. But only five percent of businesses have actual started the implementation of these new accounting processes.
US companies are in the process of undergoing changes to revenue recognition and reporting. The goal is for international and US business to use systems that are essentially the same and to standardize revenue analysis across industries both public and private. While firms in the public sector have to meet a deadline of mid-December 2017, non-public firms have until 2019 to finalize standardization procedures. To learn more about the new revenue recognition standards and how to ensure your business is prepared, checkout the infographic below created by Stetson University’s Online Masters Degree in Accounting Program
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Via stetson.edu
