Accounting Today
Marisa Garcia, a managing director at CohnReznick Advisory, discusses the implications of the Revenue Recognition standard and what companies should look out for this year. Garcia points out that there three matters that the general business community should be aware of. One, in 2018 the public company and private company financial statements will no longer be comparable. Two, transactions that, on the surface, seem to be similar, actually could result in very different accounting under the new rules. Three, industry-specific guidance has been delayed, due to the fact that, while U.S. GAAP has been industry-specific guidance, IFRS is more principle based.