Revenue Recognition Standard for Small Businesses in 2021
The new revenue recognition standard, ASC 606, as stated by Accounting Today, "is one of the biggest changes to accounting standards in the last 100 years." That being said, every business is preparing for the new changes brought by the latest revenue recognition standards. The new standards are impacting small businesses in different ways, based on the industry they are operating in. While some businesses are yet to prepare their company for the new changes, small business accounting services are being increasingly demanded to adapt to the latest changes. While an accounting partner is extremely necessary to deal with the latest revenue recognition standards that is set jointly by the FASB as ASC 606 and IASB as IFRS 15, it is also crucial to know about every essential detail and crucial factors that are likely to affect small businesses in 2021. Pertaining to the new revenue recognition standards, auditors and finance managers of various businesses are p...