FASB’s new revenue recognition standard is now effective for organizations with fiscal year-ends after December 15, 2019, including 2019 calendar year-ends.
This new standard requires organizations to evaluate their revenues under a new five-step model and could change the process and methodology organizations are using to estimate revenues and monthly/year-end receivable allowances (now called price concessions under the new standard).
Join BKD Senior Manager Nick Rivera as he overviews the new requirements for organizations adopting FASB’s new revenue recognition standard and discusses how to prepare for your year-end audit. For more information about the new standard, visit our Revenue Recognition Resource Center.
Our audit procedures will include a review of your adoption documentation and the related conclusions.