This article originally appeared on June 16th, 2015 in Compliance Week.
Financial Compliance Teams Await Tech Help on Revenue Rule
Improved technology for financial systems will be a critical part of Corporate America’s move to the new revenue recognition standard hurtling toward your income statement by 2018.
That does not, however, mean that improved technology will be part of your implementation plan today. Vendors are still scrambling to deliver updated software that can accommodate that brave new world of revenue, and financial compliance executives must somehow push implementation plans forward right now anyway.
Technology considerations around the new standard are significant. Indeed, fears accounting technology isn’t yet up to the task are one reason why the Financial Accounting Standards Board is poised to approve a one-year delay in the standard’s 2017 effective date. The problem is one of cart versus horse: Software vendors are eager to update their products in principle, but hesitate to embrace that move fully until FASB issues more follow-up guidance expected later in 2015… To get the full story, subscribe now.
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