Heads Up — Internal Control Considerations Related to Adoption of the New Revenue Recognition Standard

Published on: May 09, 2017

As companies work to adopt the FASB’s revenue standard (ASU 2014-09), it is critical that internal control considerations be front and center. SEC filing data show that revenue recognition is one of the most common accounting issues that trigger a material weakness. These data underscore the importance of focusing on the internal control impacts of adopting the new revenue standard and support comments by SEC Chief Accountant Wesley Bricker, who has said that “[i]t is hard to think of an area more important than ICFR [internal control over financial reporting].”

This Heads Up discusses considerations related to a company’s internal control over financial reporting in connection with its adoption of the FASB’s new standard on revenue recognition.

This publication was released by our US firm.

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