This is not a “public company only” issue. New Revenue Recognition Standard is applicable
for Private Companies for annual periods beginning after December 15, 2018. The new
standard has posed greater implementation challenges than many companies anticipated.
What is the new revenue standard?
This is a principles based standard that is not industry
specific and while there may be summaries of the big
ticket impacts for various industries, companies will
not be able to conclude on the impact of the standard
to their processes, systems, controls and ultimately
their financial without completing a detailed,
company-specific impact assessment.