It’s go time folks.  Private companies with a calendar year end must implement the new revenue recognition standard on January 1, 2019.  For some, this means controls, systems, and processes need to be in place by then in order to generate GAAP financial statements on a monthly basis.  Even if the amount of revenue recognized doesn’t change from the old guidance, there are significant new disclosures that will be necessary.  Technology companies are not immune to this and will need to take a careful look at their contracts.  Many technology contracts contain multiple performance obligations.  The amount and timing of revenue recognized related to performance obligations in these contracts could change.  So don’t delay; some upfront work now will save pain later. 

Our Firm
Peterson Sullivan is a Seattle-based CPA and advisory firm known for the expertise we bring to publicly traded and closely held middle-market companies, nonprofit organizations, and high-net-worth individuals throughout the Pacific Northwest and around the world.
PS Wealth Advisors, LLC is a registered investment adviser in the state of Washington. The adviser may not transact business in states where it is not appropriately registered or exempt from registration. Individualized responses to persons that involve either the effecting of transactions in securities or the rendering of personalized investment advice for compensation will not be made without registration or exemption.