Hot-Tip #12 Leverage RevRec to Drive Transformational Actions
View RevRec as an Opportunity to Transform and Improve Processes
The extent of impacts will vary by industry and by organization within the industry, but all companies will be impacted. Some of the changes this will cause include additional or expanded disclosures, the inclusion of additional estimates and judgments in external Financial Reporting, and most likely new or modified business processes and controls.
It is important to note the last impact item from above: new or modified business processes and controls. The new standard is not just an accounting exercise, but rather extends well past technical accounting into core business processes.
To get lots of detail on how to leverage these opportunities, click here to read Larry McKinney’s blog post “Revenue Recognition Projects: Driving Transformational Actions” on LinkedIn Pulse.