As companies begin to implement the new standard, it’s critical to understand the accompanying business and technology implications that follow. PwC’s latest report offers top-of-mind considerations to prepare for the process, data, system and control impacts and offers a five-step plan to ensure compliance with the new standard.
Additional key elements include:
- Differences between the Full Retrospective Method and Modified Retrospective Method of adoption
- Importance of IT involvement throughout the revenue recognition implementation cycle
- Adoption timeline for orgs to use as reference when transitioning to the new standard
Read the full report here.