If your company has not yet started addressing the application of the new US GAAP revenue standard, we would like to draw your attention to an interesting article published by Deloitte & Touche LLP on our website iasplus.com, which summarises the basic information on this new standard and specifically deals with differences and exceptions for private companies.
The new revenue standard is effective for these companies for the annual reporting period beginning after 15 December 2018, as well as the interim period within annual reporting periods beginning after 15 December 2019.
The main points from the first part of the article are as follows:
The second part of the article is devoted to internal controls related to the adoption and application of the new Five-Step Model.
If you would like to find out more about this matter, we have additional publications on this area for you. You can also contact our experts who will be happy to meet with you to discuss this topic.
The article is part of dReport – May 2018, Accounting news
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