Skip to Content
Image of a man looking at his watch on a desert road
Article

Revenue recognition: A timeline for the new standard

June 14, 2016 / 1 min read

The new standard for revenue recognition will affect public company financial statements in 2018 and all other entities by 2019. Implementation involves significant work. Is your business on track to comply with the new rules?

The new standard for revenue recognition is a significant change that will come to all public company financial statements in 2018 and all other entities by 2019. While the amount of time and effort will vary based on the different circumstances of each entity, organizations shouldn’t wait until the last minute; there’s a lot of work involved in implementing the new standard.

We recommend that non-public companies initiate the implementation process in phases, with a 2015–2016 window to begin assembling and training an internal task force and testing the new standard on a sample of contracts; a 2017–2018 window for impact analysis and implementation; and a last phase to finalize and go live in 2019.

While every step in the process is important, the success of the implementation depends on the careful planning and execution of your organization’s strategy very early on. If you’ve done the groundwork in 2016 and 2017, you should be ready for a smooth transition. Read the full article to learn how to optimize your plan.

Related Thinking

Washington D.C. skyline against a cloudy sunset.
January 13, 2025

A closer look at prevailing wage and apprenticeship requirements for bonus IRA energy tax credits

Article 9 min read
Businessperson having a cup of coffee while viewing their monitor screen.
January 7, 2025

Golden parachute payments explained: Navigating 280G regulations and mitigating penalties

Article 5 min read
Financial professionals talking in a modern office hallway.
January 3, 2025

Q4 2024 compliance updates for financial institutions

Article 6 min read