Focus on what counts

Revenue Recognition

Focused on Navigating Complex Standards

New revenue recognition rules go into effect for annual reporting periods beginning after December 15, 2017 for public companies and December 15, 2018 for private companies. These new regulations are anticipated to be a game-changer, converging IFRS and U.S. GAAP standards, consolidating the rules for all industries and increasing required disclosures. The new rules are also projected to be time-consuming and costly to implement. Our revenue recognition advisors will help you prepare to transition to the new guidelines as seamlessly as possible.

Click here to see a recap of the recent Revenue Recognition webinar titled ASC 606 Revenue From Contracts - Are You Ready?

How Citrin Cooperman Can Help

Citrin Cooperman’s revenue recognition subject matter experts provide clients with valuable insight into the challenges they can expect to face, the steps that should be taken immediately, and the implementation strategies that are best-suited to ensure a smooth transition to this unprecedented new standard.

The new revenue recognition guidelines were designed to be homogeneous, regardless of industry. However, some industries will be affected more than others, including construction, government contractors, technology and life sciences, and areas of entertainment, music, and sports.

The new revenue standard may affect change in several areas of business, including:

  • Recognition, measurement, and disclosure of revenue streams.
  • Financial considerations including debt covenants, compensation plans, income taxes, and more.
  • Financial reporting processes, controls, and systems, including software and cybersecurity.
  • Transfer pricing and income tax planning.
  • Sales incentive programs and sales contracts.
  • Operating procedures and various departments including human resources, legal, information technology, etc.
OurRelated Services

The Citrin Cooperman Revenue Recognition team employs a five phase methodology to help our clients navigate and implement the new standards.