Revenue Recognition Basics with Brad Dempsey - Solutions360
Summary
The new revenue recognition rules came into effect for non-public companies for fiscal years beginning after December 15, 2018. So this is still a fairly new topic for integrators, and we receive lots of questions about best practices for implementing the new standards. The challenges that integrators are facing as they transition to the new Income Statement approach is the subject of this week’s video. “There is something in accounting called the matching principle and that means that you have to tie the costs associated with earning revenue together in the same time period. And GAAP says that you have to line up those costs with that revenue.” Watch the video for the full discussion: Handpicked Related Content: Free Webinar: The Day of Revenue Reckoning is Coming Handpicked Related Content: Project Under Billing Can Be Your Undoing
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