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Private companies need to be aware of some key factors as they implement the new revenue recognition standard, which goes into effect in 2019. The new rev rec standard will significantly affect private company operations by requiring the disclosure of information that hasn’t typically been captured. Companies in the software, life sciences and technology manufacturing sectors will feel the most pain during implementation. Our experts review why adopting the changes under the new standard will require significant effort including analyzing customer contracts, designing and installing new financial reporting systems, and upgrading financial reporting controls to deter fraud. If you haven’t already started implementation, you’re already behind!