In the 100th episode of "Inside America’s Boardrooms," the Center for Audit Quality (CAQ) Executive Director Cindy Fornelli joins host TK Kerstetter to discuss key steps for boards that are assessing implementation of the new revenue recognition standard.
Implementing the new standard will take a significant amount of time and resources for audit committees and stakeholders throughout each company.
Watch this short video summary of what companies need to be doing now:
All companies who have chosen the Modified Retrospective approach to compliance for ASC 606 and IFRS 15 will be required to "Dual Report" for a period of 1 year under both the old and new standards (ASC 605 and 606 respectively). Many firms will struggle with this needlessly, choosing spreadsheets or convoluted approaches. SAP RAR solves that problem.
To learn more about dealing with this critical issue, click below to join Bramasol for the next Revenue Recognition Webinar on June 28 at 10 AM PDT - 1 PM EDT.