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Now is the Time to Form an Implementation Plan for Revenue Recognition


The AICPA has a helpful guide for implementing a plan to adopt Accounting Standards Update 2014-09, Revenue from Contracts with Customers.  While industry-specific interpretations and opinions for construction are just now starting to trickle out, there is at least a clear picture on when this standard is effective.

If your company is privately held, and has a calendar year reporting date, the standard is effective for financial statements ending December 31, 2018.  This may seem like a lot of time, but it will go by quickly.

There will be many topics to investigate regarding the new standards, but starting with a plan to implement any necessary changes is important. For guidance on this process, refer to this AICPA planning guide.

If you have questions on the updated revenue recognition standards, please contact your Berntson Porter construction professional at (425) 454-7990. We’re here to help!