Get ready to recognize … differently – New accounting rules for revenue recognition are coming
Abstract: GAAP-compliant construction businesses will face an important change in about one year. That’s when Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, begins to take effect for private companies. This article discusses the important modifications to revenue recognition that will occur under the new rules. A sidebar warns of additional disclosures to be required under the standard.