For impactful results managing the top line, it’s necessary for you as a business to meet new revenue recognition standards that will go into effect for most publicly-traded companies in 2018. It’s critical to start that transition now so you will be well-positioned for compliance. For help, turn to Sirius Solutions. We can help with the implementation of the upcoming requirements, which affect more than just your organization’s accounting functions. You’ll need to address disciplines beyond those in the finance and reporting sectors.
KEYS TAKEAWAYS
You’ll need to know the main points of the new revenue recognition standard, required for all companies that enter into contracts with customers to transfer goods or services.
- Effective January 1, 2018
- Eliminates industry-specific guidance or practices
- Complex document consisting of more than 700 pages
- Requires additional disclosure of components of revenue
- Two implementation options
- Wholesale and Complex Billing
- Guidance continues to evolve with new amendments
So, not only do you need to read through, digest and apply hundreds of pages of content, you also have to keep up with ever-changing amendments that could vary year to year. Do you have the in-house staff capabilities to handle this workload? Let Sirius Solutions leverage its experience with other clients and alleviate the demands to your resources. We will approach this transition as easily as possible for you in order to minimize costs to put this new standard into effect while at the same time ensure that the processes we develop are repeatable and sustainable for the future.
MULTI-DISCIPLINED, CUSTOMIZED APPROACH
Our multi-disciplined team approach is backed by experts in the following:
- Financial Reporting
- Compliance
- Analysis
- Contract Review
- Data
- Documentation Set-up
- Process Improvement
As such, we ensure your company is ready for the new standard when it’s time for the January 1, 2018 effective date (for most companies). Rely on our dynamic deployment of experienced resources for an efficient and cost effective process. Our unbiased approach is at the heart of our offerings, one that is fully adaptable and consistent with the tools and processes required. Our solution can range from a simple advisory role, to a managed implementation team. Also, we can alleviate any manpower needs for those firms who are internally implementing the new standard.
Tom Bauer, Chief Risk Officer – Sirius Solutions, L.L.L.P.
If you would like further information regarding the new Revenue Recognition Standards, please complete the form below.
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