Accounting Standards Update 2014–9, “Revenue from Contracts with Customers,” becomes effective for calendar-year companies at the beginning of 2017. It will completely change the way firms process their recognition of revenue. Today, the underlying premise for recognizing revenue is that it takes place when the risks and rewards have transferred to the owner. Tomorrow, the premise underlying recognition will be that it occurs when a change in control over a transferred asset is complete. But even costs will change—the standard may require the recognition of costs in areas where prior rules were silent or didn't even exist.