Revenue Recognition Changes are Coming: Make 2016 Your RevRec Year-of-Action

The New Year is here and 2016 looks to be the Year of Action for implementing Revenue Recognition changes.

While most accounting folks are looking to prepare financials or deep in the throes of reconciliations, adjustments, disclosures, and what have you, an overarching accounting standards change is rapidly approaching.

If you haven’t heard already, both the FASB and IASB have released new accounting standards around revenue recognition (ASC 606 and IFRS 15 respectively) and these new guidelines take effect January 1, 2018 (for public companies), which means we are less than two years away from this deadline.

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