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From EITF 08-1 to SAB 104, we have all witnessed the dramatic evolution of revenue recognition accounting standards. And as the FASB regulations continue to evolve with the revised exposure draft that will be applicable to almost all businesses, CFOs must stay ahead of the statutory requirements to ensure that their financials and ERP systems will adhere to the changing standards in discussion now.
On Wednesday, April 11th, the CFO RoundTable presented “Revenue Recognition Under Evolving FASB Standards” which reviewed the current status of the FASB project and industries in its scope, its projected impact on current accounting literature, and how these new requirements will impact business processes, accounting and financial systems.
Presented by Matt Svetich and Bryan McCorry, Senior Managers of KPMG’s Venture Capital Practice and Jim McGeever, Chief Operating Officer, NetSuite, our panel reviewed the history of revenue recognition accounting standards, the hot topics of interest in revenue recognition changes, and more.
Three main takeaways included:
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