Preparing for the New Revenue Recognition Standard: AGCO Corporation’s Journey

 

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On May 24, 2016, APQC conducted an interview with Lara Long, vice president of corporate accounting and financial reporting at AGCO Corporation, on her organization’s process for understanding and planning the changes necessary to address the new revenue recognition standard  by the  Financial Accounting Standards Board (FASB). As organizations assess the implications of adopting this standard change, they are realizing that the impacts can extend beyond the accounting organization and require a thoughtful examination of stakeholder considerations during the assessment and project planning processes.

This article outlines the key steps in AGCO’s journey to assess the impact of and plan for the new standard, including: 

  1. Educating stakeholders on the standard and its implications.
  2. Scoping the impact through contract assessment.
  3. Collaborating with peers to align on a standard approach.
  4. Pinpointing and developing a plan for industry-specific challenges.
  5. Understanding and addressing organization-specific impacts.

 

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