THE NEW REVENUE RECOGNITION STANDARD-WHY ATTORNEYS SHOULD TAKE NOTICE
Author: Lisa M. Starczewski
Application of the new revenue standard will impact these agree-ments because how and when revenue will be recognized under the standard is dependent on the terms of contracts, which attorneys often negotiate and draft. Ultimately, consultation with an accountant is necessary to obtain an authorita-tive opinion as to revenue recognition. However, in many cases, attorneys will need to understand the company's revenue recognition goals and negotiate the contract/agreement taking those goals (and the new guidance) into consideration.
The fact that the new standard is contract-based offers opportunities for attorneys and accountants to collaborate. Arguably, the better understanding that attorneys have with respect to the big picture (including their clients' financial accounting objectives), the more effective they can be as advocates for those clients.
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