Checklist for Achieving Success with the New SAP Revenue Accounting and Reporting Application

Over the next three years, many public companies will have to undergo significant changes in order to comply with the new FASB and IASB revenue recognition standards. The new standards, adopted in 2014 and slated for implementation in 2017/2018, will replace substantially all existing US GAAP and International IFRS literature on revenue recognition.

According to accounting firm PwC, “The new standard may constitute the largest accounting change seen in years. After all, revenue recognition is a key metric for most companies—being a number that all executives, managers, and investors care about. Arguably, revenue is the most important number in a company’s financial statements, and it drives other major metrics—such as net income; earnings before interest, taxes, depreciation, and amortization (EBITDA); and earnings per share.”

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