Key Steps for Executing a Smooth Accounting Change Initiative

Changes to financial accounting standards and the accompanying impact on a company’s reported results, disclosures, and related accounting processes and controls, come in all shapes and sizes. Some changes have little or no impact while the effect of others (think recent changes to revenue recognition guidance or lease accounting) is considerable.

Notwithstanding the wide range of possible impacts an accounting change may have, there are key steps a company can take to position itself for a smooth(er) transition.