Last month, FASB and the International Accounting Standards Board (IASB) reaffirmed amendments they had previously proposed to in order to clarify principal vs. agent guidance in the new, converged revenue recognition standard (See more detail at Journal of Accountancy).

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?” 

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

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. 

Corporate finance professionals depend on tools and technologies for critical information they need to drive timely decisions and to anticipate emerging issues that could impact the business.

SAP has announced enhancements to the SAP® Revenue Accounting and Reporting application designed to help communications service providers (CSPs) simplify preparations for upcoming changes in International Financial Reporting Standards (IFRS).

It was great to see such a good turnout for the most recent Revenue Recognition Summit, which was held Nov 3 at the SAP office in downtown New York City.  

Assess Operational Loads and Data Migration. 

• Model the operational loads for pre and post migration scenarios
• Plan Migration activities in early stages of the Project
• Assess the data load in terms of volume and complexity prior to migration.

 Read all of the RevRec Ready Hot Tips here.