In this recent webinar, Baker Tilly’s revenue recognition specialists overviewed the standard and highlighted of some of the main areas that will impact manufacturing and distribution organization’s business operations.
The new revenue recognition standard will force many organizations to evaluate their contracts with customers and the systems, processes, controls, and documentation they have in place. For some, the accounting changes may make changes to the contracts themselves more viable, while others may find that the initial work for disclosures comprises the bulk of their change. Whatever your organization’s situation, manufacturing and distribution companies should review the standard and its impacts.
Key learning objectives
- Overview of the standard and applying the five elements
- Understanding changes to contract costs and disclosures
- Review the current status on guidance for the transition
- Discuss key considerations for transition and how to get started