If you are in the finance or accounting departments – or if you are a regular reader of our blog – you already know that the IASB and the FASB issued updated standards with regards to revenue recognition in May of last year. These new revenue recognition standards impact virtually every company across the globe – and while standards are not effective until 2018, companies must start preparing now.
Are you ready?
RGP has invested a great deal of time and intellectual capital to prepare our clients for the new “rev rec” standards. Our industry experts have created assessment and implementation tools that they are using in companies across the world to help prepare for compliance with the new standards. The impact can be significant and involves people, processes and technology! Check out our RGP website for an overview of the revenue recognition services offered, and let us connect you with an expert in your area.
policyIQ can help to organize your data!
One of the key aspects of preparation of the new revenue recognition standards requires an evaluation of all existing contracts. For many companies, simply locating all contracts and pulling the data into a central place can require a huge investment of resources.
Companies have been using policyIQ as a centralized database to capture contracts for many years, and coupled with new rev rec contract evaluation tools developed by RGP, policyIQ can be a powerful tool for revenue recognition preparedness!