On May 28, 2014, the FASB and IASB issued their long-awaited converged standard on revenue recognition. There are potentially significant changes coming for certain industries, including engineering and construction, and some level of change for almost all entities. Some of the areas that could create the most significant challenges for entities as they transition to the new standard include transfer of control, variable consideration, allocation of transaction price, based on relative standalone selling price, licenses, time value of money, contract costs, and disclosures. Additionally, the potential impacts go beyond revenue recognition, such as required enhancements to information technology systems, potential tax implications, as well as a likely impact on certain operational areas (e.g., those negotiating and drafting contractual agreements). The new standard will affect most entities that apply U.S. GAAP or IFRS. Entities that currently follow industry-specific guidance should expect the greatest impact.
Chief Financial Officer, Chief Risk Officer, Finance Director, Manager, Staff, Risk Management Director, Manager, Staff
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