As we look toward the start of 2018 and face a new year full of challenges, it's a good time to reflect on how we to keep improving our companies and our personal lives.
There is less than two months before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15. Since companies need to comply with legal disclosure reporting requirements, including a retrospective dual-reporting period between current ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!
Corporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes. On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.
As companies look ahead to achieving compliance with new lease accounting standards, ASC 842 and IFRS 16, this implementation process also provides an excellent opportunity to significantly improve overall efficiency and effectiveness of enterprise-wide lease administration methodologies.
New Revenue Recognition standards, ASC 606 and IFRS 15, are mandated to take effect in January 2018, which is now less than three months away.
Financial Transformation is happening now, driven by new cloud-based technologies that bring together analytics, transactional data and best-of-breed applications within a unified Digital Core.
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting.
