In this recent webinar, Baker Tilly overviewed some of the main areas that will impact business operations under the new revenue recognition standard: disclosures and costs.
The new revenue recognition standard will force many organizations to evaluate their contracts with customers and the systems, processes, controls, and documentation they have in place. For some, the accounting changes may make changes to the contracts themselves more viable, while others may find that the initial work for disclosures comprises the bulk of their change. Whatever your organization’s situation, companies should review the standard and its impacts.
Philip Santarelli, CPA
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.