Companies Seek Help, Guidance on New Revenue Standards

Now that companies have had time to ponder new accounting standards on revenue recognition, they are realizing the enormity of the task in front of them. The standards require new judgments, new controls, and new disclosures, which will mean new systems needs for many companies. The new accounting standard represents an “extreme makeover” for how companies recognize revenue, says Brian Markley, of consulting firm SolomonEdwards. More inside.
Source: Accounting and Auditing