Posted by Steve Hobbs on Friday, October 30, 2015 - 09:48
The Financial Accounting Standards Board (FASB) recently approved a one-year deferral of the effective date of the new revenue recognition standard. However, companies should still be working to determine how these new rules will affect their reporting and business activities, and develop implementation plans.
To help companies stay on track, Protiviti, in partnership with Financial Executives International (FEI), developed a five-part webinar series on the new standard. The series takes practitioners through Protiviti’s proprietary Six Elements of Infrastructure model, helping participants to diagnose probable impacts in each area.
If your organization is among those that need to get up to speed on the new revenue recognition standard and with preparations for the transition, we encourage you to check out the archived versions of the five webinars. They are available on the Protiviti website, or by clicking the links below:
The first installment of this series provides an overview of the new guidance and the important role the Six Elements of Infrastructure – policies, processes, people and organization, reports, methodologies, and systems and data – play in the transition process.
This webinar focuses on one of the key steps in transitioning to the new standard: the employee education process. A major determinant of success is the “people factor” — including appropriate training of employees at all levels of the organization.
This installment of the webinar series focuses on the methodology used to identify gaps in current business processes. Topics discussed include analyzing business process to identify expected changes; developing an assessment diagnostic; and the impact on the internal control structure.
This webinar explores the impact to systems, data, and reporting processes and their importance in creating a transparent audit trail. Topics covered include insight into potential system, data and management reporting issues.
The final installment in the webinar series examines topics such as assessing the impact and planning the transition to the new standard; industry- and product-specific challenges; changes to internal controls and business policies; and adjusting business and IT models.
Steve Hobbs is a Managing Director for Protiviti.
This post was originally published in July 2015 and has been updated to reflect more current information.
Revenue Recognition: Ensuring a Smooth Transition to the New Standard: Be sure to keep these four areas in mind as your business transitions to the new standard.
Four Resources for Understanding New Revenue Recognition Standards: This post presents a few resources and articles to help you make sense of the new standard.