Video Series: Revenue Recognition for Manufacturers—Myth #3
After speaking with several manufacturers that are analyzing their operations against the new revenue recognition standard, we realized there are a few common misconceptions. To help navigate the new standard, we’ve dispelled the top four rev rec myths for manufacturers.
This video is part three of our four-part series dispelling the top revenue recognition myths for manufacturers.
Myth #3: Implementation can wait.
The journey to fully adapting to the new revenue recognition standard has multiple steps, requiring a significant time investment. Most manufacturers will need to make at least some changes after completing a thorough analysis of the new standard against their revenue streams.
Don’t wait to start, as this process can take much longer than you think. Watch to learn how you can build in time for implementation—and avoid non-compliance repercussions.
Myth #1: It doesn't apply to you.
If you haven't started your evaluation or transition to the new standard, then this video is for you.
Myth #2: It only impacts financial reporting.
Watch to learn more about downstream impacts that require more internal updating than just your accounting processes.
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