Although some companies think that Revenue Recognition compliance issues are behind them, it's important to remember that the changes mandated by ASC 606 and IFRS 15 are on-going. In particular, the Five-Step Model and concepts such as Standalone Selling Price need to be applied to new product or service offerings today and into the future.
The growing complexity of financial reporting and rapid changes have led to a substantial increase in demand for expert accounting advisory services. The financial reporting challenge is driven by developments in the financial reporting environment, with extensive modifications across many areas, and further waves of change predicted in the coming years.
Most companies are constantly looking for new ways to upgrade their finance, treasury, and compliance activities as an on-going commitment to improving productivity, reducing risk, and optimizing overall business agility.