Most organizations will approach the FASB’s new revenue recognition standard under two potentially fatal misconceptions: First, the new standard will only affect how your organization recognizes revenue; and second, preparation for compliance can wait until 2019, the effective date for private companies. (Public companies must comply in 2018.)
The truth is the new standard could fundamentally change the day-to-day operations of your organization, and you won’t know the scale and nature of that change until you assess its impact on all levels of operations. Waiting to evaluate system changes will save time now, but could cost you down the road.
At the conclusion of this session, participants will be able to:
- Identify areas of the organization that could be affected by the changes
- Articulate the importance of performing an impact assessment as soon as possible
- Understand the goals of each phase in the implementation process
- Steve Schelonka, Associate
- Jack Kristan, Principal
- Scott Purtill, Partner
Changes to revenue recognition are coming sooner than you think. To ensure you're ready for the new revenue recognition standard, we've created resources to help you understand the timeline, impact, what's changing, and how we can help.