Companies should act sooner rather than later in capturing data that will be required by the converged financial-reporting standard for revenue recognition, according to this article. It recommends six key actions to prepare: assessing various revenue streams to see how they'll be affected, identifying important accounting and tax issues, resolving areas that will require interpretation or judgments, examining the overall effect of the standards on financial statements, evaluating controls, processes and systems affected, and assessing training needs for implementation.

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