Preparing Your Processes for the New Revenue Recognition Rules
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their converged standard on revenue recognition. As organizations assess the implications of adopting this standard change, they are realizing that the impacts can extend beyond the accounting organization. This requires a thoughtful examination of internal and external stakeholder considerations during the project planning process.
In 2015 and 2016, APQC and EY conducted a series of interviews and virtual roundtable to examine what this change implies in terms of process excellence, cross-functional collaboration, and the finance organization’s role in driving a successful enterprise transition. The three-part series is aligned with the three stages of change:
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Assessing the impact
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Planning the needed changes
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Implementing and monitoring the plan
This collection focuses on how organizations are addressing the new revenue recognition rules and includes advice from practitioners in finance and business excellence that are already tackling the change.