Revenue Recognition: An Overview of ASU No.2014-09
The new revenue standard (ASU No.2014-09) impacts more than the finance organization. Our approach helps drive better planning and decision making to help organizations stay ahead of the curve and leverage strategic opportunities. Download the Revenue Recognition: An Overview of ASU No.2014-09.
The New Revenue Standard: Risks & Rewards
Revenue is the most important number in any company’s financial statement—and it is changing. Companies face numerous challenges as they transition to Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, but those that start early and in earnest may also benefit from valuable opportunities. Read how companies can prepare for the new revenue recognition standard.
New Effective Date: What does the delay really mean?
On April 1, 2015, the Financial Accounting Standards Board (FASB) voted to defer the effective date of the new revenue guidance that was issued in May 2014. The delay allows companies to be smart, strategic, and tactical in implementing the new standard.
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MorganFranklin is passionate about the challenges and opportunities the new revenue recognition standard brings to companies. We help companies think strategically, smart, and tactically, and be efficient. Our deep technical expertise and proven methodologies in finance operations, information management, and risk and compliance allow us to provide a diverse team of experts to meet our clients’ needs.
Experienced Big Four and industry professionals.
We recruit Big Four accountants who have a strong desire to help clients solve problems. Our professionals bring the necessary technical accounting qualifications and the strategic thinking necessary to evaluate the standard’s impact on financial reporting, information technology, and business processes.
This is how many of our clients describe our style of project management. They appreciate our unique ability to bring together people who have different priorities or who may not see the same challenges. Adopting the standard requires significant stakeholder coordination. As project managers, we “own the process” with management and bring people together with a shared goal, clarity, and purpose.
Unencumbered by regulatory restrictions.
We provide management with the necessary assistance to effectively plan and execute its adoption project plan—from planning and technical analysis to business process design and system implementations.
At MorganFranklin, there is no title, role, or person who is above rolling up their sleeves to get the job done right. We like it when we hear, “We forgot you were a consultant”—and it happens a lot.
“Developing an understanding across the business results in collaborative input. In turn, collaborative input drives forward-thinking and better business strategy. Done well, you will not only meet compliance requirements but also create new opportunities.”
Amy Hover, Managing Director, MorganFranklin Consulting
- Board, executive, and organization training
- Business impact assessment
- Corporate governance structure establishment
- Adoption roadmap and implementation plan
- Contract analysis
- Accounting and financial reporting assistance
- IT systems deep-dive assessment
- Process and system design
- System implementation and update
- Sales-based compensation impact assessment and modeling
- Business process narrative, flow, and internal controls documentation update
- Internal controls optimization
- Project management
- Change management framework
Impact & Value
- Apply smart and tactical approach for efficient adoption
- Gain stakeholder buy-in
- Ensure compliance with accounting and reporting requirements
- Identify opportunities to implement strategic changes beyond compliance
- Use internal and external resources effectively
- Define clear objectives linking stakeholder goals, workstreams, and dependencies
- Foster effective communication and coordination across the business
- Meet deadlines and manage spend