Although the new revenue recognition standard requirements don’t take effect for many companies until 2018, that doesn’t mean companies can wait until the end of next year to deal with them. Public companies with a calendar-year-end have less than 8 months to prepare for all aspects of the new standard. The new revenue recognition guidelines will have enterprise-wide impacts that affect core business functions and their associated systems and data. In order to comply, companies will likely need to update systems, processes, and controls. Leaving companies with a lot of work ahead to get their systems up to date, and many will struggle to adopt on time. In order to meet the deadline, companies will need to begin implementing an adoption method.
While many companies have yet to take action, there are others that have. As the countdown continues and the effective date draws near, watch Shauna Watson, Tony Sondhi, and Paul Schumacher as they discuss best practices on how to best tackle the new rules and ensure a successful implementation.
In this webinar the panelists will discuss:
Watch on-demand webinar "Assuring Revenue Recognition Implementation Success"
Tony is a member of the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB). He has been a member of the Global Financial Reporting Advocacy Committee of the CFA Institute. Mr. Sondhi was also an advisor to the FASB on its’ project comparing U.S. and International Financial Reporting Standards. He has also served as an expert witness on many financial reporting issues.
Shauna leads the finance and accounting practice of RGP, a global consulting firm. She is a noted subject-matter expert on US GAAP, IFRS and SEC regulations. Before RGP, she was Director of Finance and Accounting at Air Lease Corp., Corporate Director of Technical Accounting and Policy at Northrop Grumman, and Senior Manager in Audit and International Transaction Services at PwC.
Paul is currently an Associate Director for Public Company Accounting Oversight Board (PCAOB) in Washington, DC. where he serves in the Office of Research and Analysis leading the US Risk Analysis program. During his tenure with the PCAOB he has developed and presented training materials for several topics, including ASU 606, Revenue from Contracts with Customers. He has dealt extensively with revenue recognition since the late 90’s when he left Arthur Andersen to serve in various finance and accounting roles, primarily for software and other technology related companies in the Silicon Valley area. After nine years, Paul will soon be leaving the PCAOB. While wearing the hats of Auditor, Company Management and most recently serving the public interest as a Regulator, he has most enjoyed his responsibilities as a teacher/instructor (20 plus years) that came with each role.