Beyond Accounting: Process, data, system and control implications of the new revenue standard
Overview
Implementation considerations and challenges across the business
The new revenue standard constitutes a major shift in how revenue will be recognized for many industries, and it will necessitate changes to processes, data, systems and controls across the organization. Preparing for the business and technology impacts of the new standard will be challenging for many companies. Some key implementation considerations discussed in this paper include:
- Program management is essential to drive the change across the organization
- Business processes and controls will require updates
- Dependencies on data will be increased
- Revenue automation solutions will require updates and enhancements
- IT involvement is crucial throughout the implementation lifecycle
