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Larry McKinney


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Revenue Recognition Update from the Chief Accountant of the SEC

Mon, Apr 25, 2016 @ 12:46 PM / by Larry McKinney posted in revenue recognition

On March 22, 2016 at the 12th Annual Life Sciences Accounting and Reporting Congress in Philadelphia, Pennsylvania, James V. Schnurr, Chief Accountant of the Securities and Exchange Commission gave an update on the new revenue recognition guidelines and the process of implementing them.  The following is a summary of his speech.

Revenue Recognition Policies

Mr. Schnurr began his speech by talking about the importance of revenue as a financial measure used by investors globally in assessing a company’s performance and prospects.  He also addressed the inconsistencies between IASB and FASB and the importance of a standards convergence.   The movement toward a converged standard culminated in May 2014 when the FASB and IASB issued the new standard on recognizing revenue (ASC 606 and IFRS 15 respectively). The new standard is designed to improve consistency by eliminating industry-specific guidance, providing a more robust framework for addressing revenue issues, and requiring additional disclosures to users of financial statements.  Mr. Schnurr went on to say:

I consider the new converged revenue standard to be an important step forward in financial reporting for preparers and investors, both domestic and foreign. These changes will impact all companies and all industries, but the extent of the impact will differ from industry to industry.
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It's Kickoff Time for RevRec. How do you Take Action Now?

Tue, Jan 12, 2016 @ 02:50 PM / by Larry McKinney posted in revenue recognition

I have received a plethora of questions from people who read my last post, Revenue Recognition Changes are Coming: Make 2016 Your RevRec Year-of-Action, but the most common theme was: “how do I get started?” 

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Revenue Recognition Changes are Coming: Make 2016 Your RevRec Year-of-Action

Tue, Jan 5, 2016 @ 01:16 PM / by Larry McKinney posted in revenue recognition

The New Year is here and 2016 looks to be the Year of Action for implementing Revenue Recognition changes.

 

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Insights from the Recent Revenue Recognition Bootcamp

Thu, Dec 17, 2015 @ 03:51 PM / by Larry McKinney posted in revenue recognition, SAP Revenue Accounting and Reporting

Revenue Recognition changes are coming quickly and many companies have already begun to evaluate what compliance with the new standards means to them.  Some companies still have to evaluate the impact…to those companies I say the time is now.  The new Revenue Recognition guidelines take effect January 1, 2018 and the date is rapidly approaching. 

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SAP Announces Revenue Accounting and Reporting (RAR) Version 1.1

Tue, Jul 28, 2015 @ 12:08 PM / by Larry McKinney posted in revenue recognition, SAP Revenue Accounting and Reporting

On July 21st, 2015, my colleague and I were in Walldorf at SAP’s World Headquarters for the announcement of version 1.1 of the Revenue Accounting and Reporting (RAR) solution. 

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