The Future of Revenue Recognition
The new revenue standard supersedes most current revenue recognition guidance, including industry-specific guidance.
To comply with the new standard's accounting and disclosure requirements, technology entities will have to gather and track information that they may not have previously monitored. The systems and processes associated with such information may need to be modified to support the capture of additional data elements that may not currently be supported by legacy systems. Further, to ensure the effectiveness of internal controls over financial reporting, management will want to assess whether it should revise existing, and implement additional, controls.