Dusty Stallings

With 2018 upon us and the extraordinary effort we’ve put in to get us past the public company deadline for the new revenue recognition standards, I’d like to highlight three longer-term considerations for companies to keep in mind as they continue to report and operate under the new rules.

Mark your calendars! The effective date for the FASB and IASB’s new revenue recognition accounting standards (ASC 606 and IFRS 15) is approaching.

Many accounting and finance professionals are in high gear preparing their organizations and clients for the transition.

As companies prepare for the new accounting standard that takes effect in 2018, there’s no shortage of apprehension among financial executives.

A wide range of accounting and financial executives are tasked with evaluating what adjustments will need to be made and what new procedures will need to be put in place to handle the change.

For professionals in the accounting and finance professions, any changes to accounting standards usually lead to some apprehension as these rules require companies to make key adjustments, expand disclosure practices and implement new procedures for recording various financial metrics.