“There are seven major differences between the old and new guidance.”
“The standard changed the accounting answer for us in a few areas.”
Those are just a few observations from leaders at Oracle regarding their experience implementing the Financial Accounting Standards Board’s landmark accounting standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance supersedes the current guidance in Accounting Standards Update 605, Revenue Recognition. The standard’s initial effective date was deferred, but now it’s almost here. Organizations that haven’t done so already definitely need to take the necessary steps toward compliance ASAP, and firms should advise their clients, too.
To learn more about Oracle’s successful approach to revenue recognition implementation, AICPA Chairman Kimberly Ellison-Taylor, CPA, CGMA, Global Accounting Strategy Director for the Financial and Professional Services Industries for Oracle America, sat down with two colleagues to discuss the company’s experiences preparing to put the standard to work.