The Countdown to Revenue Recognition
To help your business prepare, CohnReznick has prepared a thought leadership article and video series and will hold a live, complimentary webinar on this topic on November 17. Stay tuned for additional parts in this series.
Part 1 of 4: Overview and Getting Started
For both public and private companies, CohnReznick recommends starting transition activities now. In Part 1, we provide an overview of the new standard, introduce a transition timeline, and highlight the first steps on your transition journey. Click through to either the article or view the video to gain insight.
Part 2 of 4: Training & Education and Understanding Key Revenue Streams, Policies & Treatment
In Part 2, we discuss the next steps of the transition timeline, focusing on training and educating organizational personnel on the new standard and understanding key revenue streams, accounting policies and treatments that are likely to be impacted. Click through to either the article or view the video to gain insight.
Part 3 of 4: Selecting a Sample of Contracts and Applying the New Standard
In Part 3, we discuss steps 5 and 6 of the transition timeline, which we recommend performing in late Q4 2016 and into 2017. These activities are focused on selecting a sample of contracts and applying the new standard as well as conducting a comprehensive impact assessment.
Part 4 of 4: Commencing Conversion and Implementing New Processes
In the final installment of this four-part informational series we focus on starting the conversion and making changes to the processes, systems, and controls that are likely to be needed in order to comply with the new standard on a go-forward basis.