Revenue Accounting Services

image-2Revenue recognition is the fundamental result of the “Opportunity to Cash” process and one of the most debated accounting principles.  The current complexity will intensify as every company in the world is expected to adopt FASB Topic 606/IASB IFRS 15, “Revenue from Contracts with Customers” beginning in 2018.  This new standard will be principle based requiring accountants and companies to make accounting determinations exercising significant professional judgment.

When coupled with current budgetary and resource constraints, companies will be expected to adopt the new revenue standard with dual reporting requirements within a relatively short period of time.  Based on our many years of professional experience translating accounting theory to real life commercial transactions, our consultants can assist your accounting team to successfully navigate and execute through this transition period.

Our goal is to work with your executives and internal control teams to execute the new revenue standard with company needs, goals and objectives in mind: 

  • Create a task force to assess and implement new revenue standard
  • Design a detailed project plan with key success criteria and milestones
  • Conduct in-depth training to core accounting team
  • Assist management perform accounting, disclosure and system readiness assessments
  • Collaborate with external auditors regarding accounting positions
  • Conduct training and interviews to non-finance organizations 
  • Assess the impact on non-accounting processes and systems
  • Transform processes and systems based on assessment outcomes
  • Design and document estimation processes to meet audit standards
  • Assist management draft technical accounting position papers and disclosures
  • Assist Sales and Legal restructure customer contracts
  • Supplement accounting team with quarterly financial close activities
  • Work with external auditors to answer quarter-end audit inquiries
  • Support dual book reporting during transition period
  • Drafting audit committee presentations on new revenue standard

Operationalizing accounting standards to complex revenue streams with considerations to existing processes and systems is what we do!