Food and Commodities: Implementing the New Revenue Recognition Accounting Standard

Because food and commodities companies recognize revenue from contracts with customers, they will be covered by the new revenue recognition accounting standard.

This article digs into five specific scenarios that are common to the industry and could complicate revenue reporting when the new standard takes effect. To be in compliance by the looming effective dates, financial executives in the industry need to understand the new requirements and issues related to the standard’s implementation – including the particular requirements and challenges for food and commodities companies.