Revenue Recognition Implementation Lessons for Private Companies - and for Companies Applying Upcoming Standards

Quarterly Reports

With public companies now operating under Accounting Standards Codification (ASC) 606, the new revenue recognition standard, their efforts to implement the standard hold lessons for private companies adopting the standard in 2018 and for companies preparing to implement other major standards including leases, credit losses, and hedging.

To better understand these lessons, FERF spoke with Glenn Richards, an audit services partner, and Bill Watts, a risk consulting services principal, of Crowe about the standard and the steps public companies have taken to implement its requirements.