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CFOs Prepare for New Revenue Recognition Criteria


John Kogan, CEO at Proformative Inc., an on-demand learning platform for the office of the CFO, based in San Jose, Calif., said that companies typically make incremental progress when complying with any major accounting change. He said finance and accounting departments tend to be understaffed.

"Companies will get there," Kogan said. "It is just going to be a scramble." Big companies might consider purchasing revenue recognition software to more effectively deal with the upcoming change, he said.

"If you have big multi-element contracts, and a mix of products and services, then things get more complex," he said. "If you have complexity and transactional volume, you will want that technology to help you out."


Published February 22, 2016