New Revenue Recognition: Is It Here Yet?

May 11, 2015 by Bonnie D. Graham

The buzz: Rev Rec.

Revenue recognition or “rev rec”, is considered to be the single most important item on your company’s financial statement and to your organization. The IASB and FASB already announced new converged revenue accounting standards – but they may be delayed another year. Note: The new rev rec rules will impact companies around the world.

If you haven’t started planning for the new rules, what should your next steps be? If you’ve already started, should you adjust for the delay? And have you read all 700 pages of the new rules?

The experts speak.

Chris Smith, PwC: “It’s just an accounting change, how hard could that possibly be?!”

Julie Zielke, EY: “This quite possibly will be one of the most transformative accounting pronouncements of our time.”

David Furgason, Deloitte: “There’s a one year delay. We don’t need to worry about the change for another year or so.”

Pete Graham, SAP: “A good plan executed today is better than the perfect plan executed tomorrow.” (George S. Patton)

Join us for New Revenue Recognition: Is It Here Yet?

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