- Get Ready for the New Rev Rec Standards
Get Ready for the New Rev Rec Standards
IFRS 15 and ASC 606, which both come into effect soon, state key revenue recognition principles that will apply across international territories and industries. They introduce concepts such as performance obligations and significant finance components, which could affect the revenue recognition of professional services organizations.
While relatively straightforward in many sectors, revenue recognition can be a particularly complex matter in professional services, due to factors such as work being done under an array of different contract models along with complex deliverables.
Isosceles Finance advises leading businesses on complex commercial accounting and finance issues. Our webinar presenter – veteran finance executive and Isosceles consultant Julie Farr – describes:
- What the major changes of the standards are
- How they affect professional services organizations (and when)
- What actions professional service organizations need to take
After Julie’s overview, there is an extended discussion of some of the most common questions and issues.
About Our Presenters
Chartered Accountant and Cambridge graduate Julie Farr has served as a finance director and controller for a variety of IT consulting, management consulting, and technology companies. Julie provides CFO services with Isosceles Finance and draws on more than 30 years of experience to provide clients with finance and accounting advice and support.
Peter Fitzpatrick is a Chartered Accountant who has served in senior accounting and finance roles in industry and has led consulting practices at KMPG, Ernst & Young, and Capgemini. As Chief Implementer at Kimble, Peter draws on 25+ years of experience to assist consulting organizations with their complex reporting needs.
This webinar was prepared on behalf of Kimble Applications by Isosceles Finance as non-authoritative guidance. Neither Kimble Applications nor Isosceles Finance accepts any responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on this material.