Revenue recognition standard: Lessons learned in early implementations
March 22 | 2 p.m. ET | 18:00 GMT
Host: Kirsten Vosen, partner, Deloitte & Touche LLP
1 Overview CPE credit | Accounting
As private companies prepare to implement the new ASC 606 revenue recognition standard, they face many decisions and potential challenges. What do the experiences of publicly held companies reveal about implementation? We'll discuss:
- An overview of the new ASC 606 standard, including the five-step model for recognizing revenue and concepts that do not exist under the current model.
- Potential issues associated with data and IT systems, internal controls, financial control processes, and income taxes, among others.
- A process for developing an implementation strategy, including common actions to take during different phases of implementation.
Participants will gain insights into the new standard's requirements and learn practical steps for planning the implementation.
Insights and planning, lessons we've learned
For private companies developing a revenue recognition implementation plan, we share key lessons learned from public company implementations.