Revenue is a crucial number to users of financial statements in assessing an entity’s financial performance and position. The FASB and the IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. When this new standard is implemented, revenue recognition will be very different from what it is today, and the process of implementing the streamlined guidance will result in major challenges for many entities. Experts from Plante Moran’s professional standards team will help you understand the impact the proposed standard will have on your business and what your company should be doing now to prepare for the changes ahead.
At the conclusion of this webinar, participants will be able to:
- Identify the major differences between the proposed revenue recognition model and current practice, including the five steps in the proposed revenue recognition model and the estimates and assumptions involved in applying the model
- Understand the impact the new revenue recognition standard will have on their organization
- Determine what they can do now to prepare their organization for the implementation of the new standard
Presenters | Christa LaBrosse and Jason Widman, members of Plante Moran’s professional standards team and auditors serving a variety of service industry and private equity group clients. Doug Rober of Plante Moran will moderate. He advises privately held construction, real estate, manufacturing, and distribution companies.