Deadlines to comply with the new lease accounting and revenue recognition standards are coming up fast, and it is time to step up the compliance efforts. These two issues are expected to have a significant impact on financial reporting systems and practices. Here are five articles to help you prioritize your to-do list.
Revenue Recognition: The Clock is Ticking
The new revenue recognition standard has implications that extend far beyond accounting. Read more.
Start Preparing Now for New Lease Accounting Rules
They don’t take effect until 2019, but few leases will be grandfathered, so there will be an immediate bottom-line impact. Read more.
Accelerating IT Planning for Revenue Recognition Changes
The myriad of industry-specific guidance made the full automation of revenue accounting too unique and complex a problem for ERP vendors to solve. Read more.
What FASB’s Revenue Recognition Standard Means
The revenue recognition rule doesn’t mean that companies should wait to start their implementation efforts. Read more.
FASB Leasing Update: Five Action Items
Well before the new standard becomes effective, companies will need to assess how widespread its effects will be so they can plan for business and process changes. To successfully implement the new lease accounting rules, CFOs should focus on five key action items from the outset. Read more.
As these proposed changes have far reaching implications for organizations, it is imperative for them to calibrate their processes, technology systems and prepare their people for completing the onerous transition in a timely and complete manner.