Implementing the New Revenue Recognition Standard – No Time Like the Present

RGP-Logo-for-blog-postDo 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.

Check out this evaluation of the changing standard and it’s potential impact on your contracts, compensation plans, and existing technology.

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.

This entry was posted in Industry News by Chris Burd. Bookmark the permalink.

About Chris Burd

Chris is the Managing Director of the policyIQ group at RGP. She gets geeky about compliance and technology, and gets to spend every day working at the crossroads of the two. With policyIQ since 2005, Chris has worked with hundreds of policyIQ clients to implement technology and enhance their internal compliance environment. In the past few years, she's focused on enhancing policyIQ's offering as a Conflict Minerals and Anti-Corruption tool. In past lives, Chris worked as a system implementation consultant, a e-commerce specialist, a customer service call center manager, and - for one short but memorable summer during high school - a machine operator on midnight shift in a plastics factory. In her free time, she spoils her nieces, volunteers at her local food bank, and spends more time than she should taking photos of her cats. She would like to be a rock star when she grows up.

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