Why should you worry about revenue recognition standards right now?
With private companies having an additional year to observe the transition of the public companies in the United States, the general tendency is to “wait and watch” – to observe how public companies manage the transition in 2018 before addressing their specific requirements.
This is indeed a risky approach, since planning for and executing the relevant changes within your organization will certainly be a time-consuming and intricate exercise.
Even if you are not expecting quite a metamorphosis, reviewing the current financial reporting, budgeting, documentation, and operational approaches is essential to assess the extent of changes required, the time you would require to implement them, and how these changes would affect your business.
The best time to get started is right now!