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Implications of the new standard
Private companies know, at this point, that the new accounting standard are coming. The question, though, is whether all of them understand the full implications of these new standard.
According to a recent Deloitte poll, 23 percent of respondents are still in the preliminary stages of assessing the standard’s impact across business functions and a full 32 percent are not sure if parts of their organization outside of accounting are even considering the implications of the new standard.
Here we talk through the five-step model for recognizing revenue based on the new standard.