Talk about a shakeup. The amount of work involved in transitioning to the new revenue recognition standard has taken finance teams by surprise. From gathering data to support their new assumptions, plowing through contracts, and dealing with a slew of new disclosure requirements, the new rules are a huge undertaking.
Diana Gilbert, who heads our Technical Accounting Group, walks companies through lessons learned from companies that have already adjusted to the new standard.
This report explains:
- Why companies need significant time to devote to the transition
- Where you’ll likely notice a shift in when you can recognize revenue
- The tricky step that requires special attention, plus the questions to ask to get it done right
- How new estimates and judgments will affect your implementation and what your auditors will want to know