Center for Innovation in Professional Services Program

Panel Discussion: New Revenue Recognition Standards

March 19, 2105

Faculty Lead: Jane Thayer

The Center for Innovation in Professional Services presented a panel discussion on new revenue recognition standards that became effective for annual reporting periods beginning after Dec. 15, 2016. The objective of this new guidance is to improve the reporting of revenue, as it fosters greater consistency and comparability across entities, industries, jurisdictions, and capital markets. In addition to its effect on financial statement users, the guidance impacts many areas of a firm’s operations, including customer contracting processes, executive compensation plans, and asset valuation processes. Not only was it important for company executives and audit professionals to prepare for these changes, it was also vital that other financial professionals, including analysts, M&A specialists, valuation professionals, and tax professionals, consider the implications of these new standards to their work.

Panel discussants
Sheri Wyatt, Managing Director, Capital Markets and Accounting Advisory Services at PricewaterhouseCoopers
Eliot Powell, Manager, Capital Markets and Accounting Advisory Services at PricewaterhouseCoopers
Hillary Griffin, Assurance Senior Manager at PricewaterhouseCoopers
Stephen Hunn, Assistant Controller at Tredegar Corporation