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before we begin our discussion of the new Revenue recognition standard letamp;#39;s go back back to where this project began and answered the question why in the world do we need a new Revenue recognition standard letamp;#39;s begin by thinking about the concept of Revenue while numerous thoughts may come to mind at the core revenue is what makes companies tick itamp;#39;s their lifeblood whether youamp;#39;re looking at it from a companyamp;#39;s perspective or as an outside financial statement user revenue is one of the most important Financial metrics but how and when do you recognize it at the surface this may seem like a simple question as a large number of Revenue transactions are rather straightforward and donamp;#39;t stir up much controversy in mainstream accounting circles however all transactions arenamp;#39;t this way for example some customers May May pay at a different time than when they receive goods or services or some customers may enter into a single contract
