Revenue recognition: Effectively managing accounting change

Adapting to a new five-step model to recognize revenue from customer contracts

Implementation lessons learned from Alphabet, Ford and Lockheed Martin

With the clock ticking down on the 2018 effective date, we asked Alphabet (Google's parent company) and Ford Motor Company, both of whom early adopted ASC 606, and Lockheed Martin Corporation, who is working toward its adoption on Jan. 1, 2018, to share their implementation stories on a recent webcast. Our panel shared their first-hand experiences, lessons learned, and their advice for working through your revenue recognition transition.

Get more information and watch the webcast replay

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PwC’s revenue recognition specialists discuss timely challenges and solutions.

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Where do you stand on the path to adoption? See how you compare

As the clock ticks down on the 2018 effective date, organizations are busy completing final preparations to implement the new revenue recognition standard. Where do you stand on the path to adoption? Take our poll and see how you compare.

After submitting your responses you’ll see how others responded to the same questions. Plus, you’ll get access to our interactive tool that shows how organizations in your industry and of a similar size responded to a range of other questions about their approach to adopting ASC 606.

Check back as we’ll be updating this poll over time to track other challenges, impacts and approaches to revenue recognition. You’ll be able to see timely updates to ongoing developments in the final stages of the implementation journey.

IFRS 15

A phased approach to revenue recognition change

PwC suggests applying a phased approach to this transformation: assess the accounting impact; identify and implement system, process and control changes; and test the controls. You’ll need to consider program management, organizational change management, potential systems modifications and accounting oversight. PwC can advise and assist with the entire conversion process, and we have developed a suite of project enabling tools to help facilitate it. 

Insights

Contact us

Joe Tort
Partner, US GAAP Change Services Leader
Tel: +1 (646) 471 0603
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Paul Sheward
Partner, Deals, U.S. Accounting Advisory Services Leader
Tel: +1 (312) 298 2232
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Shane Foley
Principal, Advanced Risk and Compliance Analytics Solutions
Tel: +1 (646) 471 0516
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Hal Houser
Principal, Consulting services
Tel: +1 (904) 366 3691
Email