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The Countdown to Revenue Recognition

With the clock ticking on the deadline for adopting the new revenue recognition standard, now is the time for growth company CFOs and financial executives to take a pragmatic approach to capitalize on the time remaining and make sure they are fully prepared. 

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.

Read the first article in CohnReznick's Revenue Recognition Series


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.

Read the 2nd article in CohnReznick's Revenue Recognition Series


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.

Read the 3rd article in CohnReznick's Revenue Recognition Series


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.

Read the 4th article in CohnReznick's Revenue Recognition Series


Learn More

To discuss preparation for the new standard or how it may impact your business and industry, please contact Mario Pompeo, Partner, CFO Advisory Practice Leader.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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