The Accounting World Issues a Collective Sigh as Soon Enough, We Won’t Have to Talk About Revenue Recognition

Anyone else sick of this topic? Did you ever really care? Just go ahead and do what you have to do already, FIASB:

The top line on financial statements around the world is about to change.

And companies need to move quickly to determine which personnel will be responsible for implementing the new revenue recognition standard, said Dusty Stallings, CPA, a member of PwC’s national professional services group.

“Companies need to get their project management approach in place,” said Stallings, who is serving on an AICPA working group devoted to helping companies implement the standard correctly. “… Get the structure in place that you need to understand the change, and follow that change all the way through.”

Historic changes that will affect revenue recognition for virtually every company that uses U.S. GAAP or IFRS are on the verge of being put into place by FASB and the International Accounting Standards Board (IASB).

That sound you hear? It's all of us not caring at once.

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