Real Estate and Construction Newsletter September 2017
It’s Time to Implement the New Revenue Recognition and Lease Standards
After years of analyzing and overhauling revenue recognition and lease standards, it’s time for companies to implement the new standards set by the Financial Accounting Standards Board (FASB). The new standards will effect anyone reporting on a generally accepted accounting principles (GAAP) basis. To make sure your business is ready for the changes, Anders is hosting a breakfast presentation on Tuesday, September 12th on Implementing the New Revenue Recognition and Lease Standards.
It’s necessary to start preparing now, as the revenue recognition standards will take effect for fiscal years beginning after December 15, 2018 for all nonpublic entities, and will need to be retrospectively applied for all years presented.