Are You Ready For The New Revenue Standard?

Mark Dennon
PwC Assurance Partner

The new revenue recognition standard is undoubtedly the biggest change in accounting standards in decades. With the clock ticking down on the effective dates for public and private companies, is your company ready?

The FASB and IASB have jointly developed a new set of common principles to account for revenue from contracts with customers applicable across industries and around the world, aligning accounting models for economically similar transactions. No longer will industry-specific guidance open up the door for inconsistency in practice. The new standard intends to reduce the complexity in today’s revenue recognition guidance, however implementation remains a tremendous leap for most companies – including assessing whether or not systems, processes and internal controls are ready to capture the data needed for forming and monitoring new estimates, determining the appropriate method of adoption, and communicating with applicable stakeholders on the impacts of the change; many still uncertain how to even begin.

PwC and industry experts are bringing practical expertise and insights to the table at our Revenue Recognition Bootcamp roadshow in Austin on Wednesday, November 2nd. We are devoting the entire day to discuss the new guidance, challenges around implementation including tax considerations, as well as tools and tips to assist in driving automation in accounting for revenue. Email Ali Wittich if you would like to attend.