Do you have a plan in place to implement the new Revenue Recognition Standard for your financial reports? RGP’s Shauna Watson, Global Managing Director of the Finance and Accounting Practice, takes a closer look at the impact of the new standard in the latest RGP Financial Alert.
With the new standard set to be released in Q2’14, with an effective date of 2017, there’s no time to waste. Start planning for the implementation with a project plan, recognizing that changes in revenue will affect many areas of your business. Assess the financial impact and select a transition method. Finally, consider whether your existing systems will be adequate to record revenue under the new standard, and how existing processes and controls will be affected.
For help putting your arms around the impending changes, contact us and we’ll put you in touch with the local RGP experts in your market.