ICFR-revenue-recognition.pdf

The SEC has made it clear that a company’s ability to transition successfully to the new revenue recognition standard will depend largely on the effective design and operation of its internal control over financial reporting (ICFR).

Because the vast majority of public companies have yet to decide on how they will transition to the new standard, most will have little time to design, document, and test the related internal controls before they must report their results of their transition.

Industry specialists Randy Staggers (Baker Tilly) and Joe Howell (Workiva) presented the webinar (hosted by Financial Executives International), to learn:

The most recent FERF research related to ICFR for revenue recognition 

What you need to know about issues raised by the SEC and PCAOB 

Important implications for your efforts to implement the new standard 

Recommendations from ICFR experts and executives dealing with implementation issues 

Understand the full retrospective transition method

Understand the modified retrospective transition method

Overview key factors in determining which method to implement

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

The SEC has made it clear that a company’s ability to transition successfully to the new revenue recognition standard (ASC 606) will depend largely on the effective design and operation of its internal control over financial reporting (ICFR).

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ASC 606: Transition methods and effective dates

ICFR for Revenue Recognition

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ASC 606: Transition methods and effective dates