FASB Revenue Recognition Training Webinar

CPAs & Advisors

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In 2015, FASB finalized the long-awaited revenue recognition project. This impacts GAAP financial statements for all for-profits and any Non-Profit entities that have exchange transaction revenues (non-contribution revenues.) Non-public companies must adopt the revenue recognition standard for years beginning after December 15, 2018. FASB is still working through implementation questions that have come up and additional guidance is still being issued.

Why the long implementation period? It’s simple; many entities will need to make changes in their accounting and other computer systems to properly track and aggregate the data needed to implement these changes.

What should you do now? You need to familiarize yourself with the new five-step process now. We encourage you to watch Yeo & Yeo’s Revenue Recognition on-demand webinar to help navigate the steps. Walk through your revenue streams and understand how the five steps will impact them. Some entities may have no changes in revenue recognition, while others may see substantial changes in the timing of revenue recognition.

Download a PDF of Revenue Recognition Webinar here.
If you have questions, contact a Yeo & Yeo professional.

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