Implementation of the New Revenue Recognition Standard

• Planning Factors and Data Requirements
  • Identify the contract(s) with the customer
  • Identify the performance obligations in the contract
  • Determine the transaction price
  • Allocate the transaction price to the performance obligations
  • Recognize revenue when (or as) each performance obligation is satisfied

• What industries will be affected?
  • The new standard is industry- neutral and more transparent.
  • Benefits and disadvantages

Benefits:

• The new standard would profit the industry in arranging and execution administration light that the new income principles require point by point following of the advance of agreements.

Disadvantages:

-This needs more deep analysis and the auditors should take the risk in regards with the outcome to the investors’ part.

1. Industries that we could discuss
   1. Engineering and Construction Contractors
   2. Aerospace and Defense

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