Revenue Recognition for CFOs
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In May 2014, the IASB and FASB published their new joint standard on revenue recognition. While the effective date has been pushed off until 2017 (Journal of Accountancy), our panelists at our April 2015 Revenue Recognition program in Boston advised CFOs to get to work now on their systems and processes on implementing the standard. 

We learned:

Align Your Systems Now

Now is the time to make sure that your accounting and other business process systems are seamlessly integrated. This standard will have wide sweeping effects on how you collect, analyze and report on your data, and it’s imperative that your systems recognize and communicate with each other.

Pay Attention to the ‘Soft’ Changes This Standard Brings

This new standard will not only change your technical systems and processes, but also how your people think about processes. The panelists advised working with a cross-functional steering committee (ideally made up of your IT, marketing, sales and operations teams) who can help you navigate the ‘gray areas’ that this standard will bring.

Accounting is the Tip of the Iceberg

According to our panelists, the changes you’ll need to make in your accounting processes and systems are really only the beginning. The new revenue recognition standard will have a broad cross-functional impact that will have you change the way you deliver your products, services and value.

To download PDFs of our speaker’s presentations, please click one of the following:

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Click here to download the presentation by
Chris Vanella, Audit Partner, KPMG
Click here to download the presentation by
Chris Miller, Regional Director, NetSuite

 

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