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Revenue recognition consulting
A proven approach to the implementation and management of a complex new standard
Preparing for and complying with the new revenue recognition standard may be more challenging than many companies realize. The standard is complex and represents a revolutionary change in accounting, affecting both internal and external perceptions of a company’s performance. Adoption and implementation of the new standard also provides an opportunity to consider strategic operational issues such as improving efficiency, enhancing information systems, and strengthening processes and controls.
We have developed an integrated approach to enable the timely and efficient adoption of the new standard. Cross-functional teams provide the technical accounting expertise as well as the technology and tools needed to support both implementation and ongoing governance.
Navigating the complexity
The new standard is complex, creating a five-step model for recognizing revenue:
We can help companies every step of the way, providing comprehensive documentation and processes to support judgments, working with information technology to design potential technology solutions, and allowing for the ongoing management of revenue recognition.
“RSM has provided valuable, in-depth assistance with navigating the challenges and complexities of the new revenue standard. Their methodology allowed us to ensure that the technical accounting matters were identified and addressed upfront.” ― Robert Johnson, Corporate Controller, Dynatrace LLC
A proven approach
Our comprehensive approach starts with an overall discovery phase to assess both the business requirements and potential key areas of impact related to adoption of the new standard. This focused, integrated approach continues as we:
- Define the effects of adoption
- Develop a technology and implementation strategy
- Implement standards changes
- Evaluate internal controls
“RSM considered the multiple cross-functional dependencies and needs of the several internal departments affected by the new standard and prepared a thorough project plan. RSM’s ability to rapidly adapt and respond to changes in our requirements throughout the implementation process was invaluable to ensure the project is completed on time, within budget, and meets the adoption and ongoing accounting requirements.” ― Stathis Kouninis, Vice President of Finance and Chief Accounting Officer, Pegasystems Inc.
Work with an experienced team
With a blend of deep technical knowledge and public company finance experience, we can provide an integrated team of accounting and other subject matter specialists who can help identify issues and suggest practical solutions. Let us help you navigate the complexities and maximize the benefits associated with revenue recognition implementation at your organization.
How can we help you?
Contact us by phone 800.274.3978 or
submit your questions, comments, or proposal requests.