The clock is ticking for U.S. public companies, as they prepare to adopt some of the most significant financial regulatory changes in decades—ASC 606—by early next year. Many still aren’t ready. According to Ernst & Young’s 2017 revenue recognition survey, 34 percent of CFOs said they’re at risk of falling behind schedule or had not begun, and 71 percent said their revenue recognition programs were not yet complete.
Workday announced earlier this year that it officially adopted the new revenue recognition standard early, on the first day it was permitted under the new rules. Workday CFO Robynne Sisco and Corporate Controller Trish Coughlin often get asked by peers how Workday made the transition. In this video, both women talk about Workday’s adoption of the new standard and lessons they learned in the process.
In This Episode
Why Workday Adopted ASC606 Early
How the Revenue Recognition Process Started
Major Milestones in Making the Transition
The Role of Technology in Revenue Recognition
Challenges and Surprises During the Transition
How the New Guidelines Impacted Workday
Advice for Other Companies Making the Transition
In Good Company (formerly Work Talk) is a video series that addresses the biggest issues facing your business, with some of the smartest minds in the business. Check out all In Good Company episodes here.