Today, companies must record revenue according to specific accounting standards, as well as industry-specific guidelines. In order to address inconsistencies in these existing accounting standards, provide a more comprehensive revenue framework, and increase the usefulness of financial disclosures, a new revenue standard has been established.
While the new standard will streamline how companies record their revenue, it will require significant preparation for the varying impacts on business functions – from IT and Finance, to HR and Leadership – and perhaps even a shift in the business model. Organizations can opt to begin the transition in two different ways, but must be in full adherence by January 01, 2018 for public entities and 2019 for all other entities.
As with all company initiatives, Navigate’s approach to teaming with clients through this transition is based on a strategic framework and implementation plan that facilitates program success and sustainability. We develop and integrate solutions to meet the unique needs of our clients with a focus on technology, process and, most importantly, change management.