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
Key learning objectives
- Understand the full retrospective transition method
- Understand the modified retrospective transition method
- Overview key factors in determining which method to implement