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Technical

New Revenue Recognition Accounting Standard—Learning and Implementation Plan Logo aicpa

  Free |   AICPA |   Jan 2015 |   AICPA.org

Use this roadmap to ensure that your company as well as its management team and staff do the following:

  • Understand the changes to current GAAP based on FASB ASU 2014-09, Revenue from Contracts with Customers
  • Understand transition and retrospective adoption of the revenue recognition standard, and determine how your company will adopt the new guidance
  • Find resources to help train your professional staff to ensure effective and efficient implementation of the revenue recognition standard
  • Educate users about the changes they can expect in your company’s financial statements
Topics covered:
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Intermediate
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Advanced

4 Comments/Reflections

Tendai Nyakurimwa

Tendai Nyakurimwa Feb 2016

It is obvious that an organisation has to plan for the adoption of this new standard. I have learnt that there is need to carefully plan a stage by stage schedule or plan such as to set up a taskforce or appoint an individual that will steer the project. This is very important as leaving the project unallocated to any taskforce will be a recipe for failure.

The same goes with understanding the changes brought about by the new standard. In order to implement the project successful, it is important to have a thorough knowledge of the changes.

The article will certainly help me in initiating the process within my organisation and also help other staff members to appreciate what should be done. One important aspect is to evaluate the data collecting methods the company is using currently. IT systems may need to be changed to enable relevant data to be captured that will assist with disclosure requirements of the standard. This should make the job a lot easier since everyone will be aware of our targets and goals.

Tendai Nyakurimwa

Tendai Nyakurimwa Feb 2016

It is obvious that an organisation has to plan for the adoption of this new standard. I have learnt that there is need to carefully plan a stage by stage schedule or plan such as to set up a taskforce or appoint an individual that will steer the project. This is very important as leaving the project unallocated to any taskforce will be a recipe for failure.

The same goes with understanding the changes brought about by the new standard. In order to implement the project successful, it is important to have a thorough knowledge of the changes.

The article will certainly help me in initiating the process within my organisation and also help other staff members to appreciate what should be done. One important aspect is to evaluate the data collecting methods the company is using currently. IT systems may need to be changed to enable relevant data to be captured that will assist with disclosure requirements of the standard. This should make the job a lot easier since everyone will be aware of our targets and goals.

Adrian Cook

Adrian Cook Dec 2015

Research and review undertaken of new standard and competency check  completed.

Adrian Cook

Adrian Cook Nov 2015