The new standard requires significant management judgement and the changes will impact software, procedures, systems, and financial reporting.
CDH is here to discuss these changes with you and be your trusted resource.
- How will these changes affect my business
- Preparing for operational challenges
- Working with your auditor
The new standard will not affect every company’s revenue, but it will affect every company, whether it’s internal controls, contract changes, software adjustments, additional disclosures, or revision of the estimate process.
The new 5-step revenue recognition standard will be required for all companies that use Accounting Principles Generally Accepted in the United States of America or IFRS. It takes effect for public companies in fiscal year 2018 and for non-public companies in fiscal year 2019.
CDH is here to help you assess the impact of the new standard to your organization, and assist in developing a plan for diagnosing, implementing and fine tuning.
If you have any questions on the new standards, please reach out to your CDH contact at 312.332.2900, or any of our Audit leadership team listed below.
Andrea Krueger, Principal
akrueger@cdhcpa.com
Wendy Kelly, Principal
wkelly@cdhcpa.com
Tomoko Nakao, Sr. Manager
tnakao@cdhcpa.com
Emily Bartlett, Sr. Manager
ebartlett@cdhcpa.com