PricewaterhouseCoopers has released a new paper on how companies can get ready for the newly converged revenue recognition accounting standard.
The Financial Accounting Standards Board and the International Accounting Standards Board released their long-awaited converged standard on rev rec in May, with the expectation that major firms such as PwC would be updating their guidance for clients to reflect the new standard (see
PwC’s paper, “
PwC noted that the new standard represents the biggest accounting change in over a decade, and it is important for businesses to start preparing now so they are able to capitalize off the top opportunities once the change is put into effect.
“Technology companies that start preparing for the change now will be in the best position to seize the opportunities that will come with the change—while also surmounting the challenges,” said the firm.