Revenue, leases and CECL: Lessons learned from implementation

Dealing with an accounting change—whether it’s a new standard or some other business change that impacts your accounting—is time-consuming and complex. To help avoid rework (and reduce stress!) we discuss a four-step implementation methodology to get you over the finish line.Heather Horn and a panel of guests use the newly-adopted revenue, leases, and CECL standards to share lessons learned. Topics include:0:50 - GAAP change methodology. Paving the way for the four-step process, we give an overview of the methodology.3:51 - Phase 1: assess. The accounting department can’t do it alone, so while it can be a complex exercise, the first step is bringing together all the right people. 7:31 - Phase 2: convert. To avoid rework, the convert stage is the time to think ahead and do your due diligence. The panel explains.   14:43 - Phase 3: embed. This stage is all about embracing a mindset around the controls. Heather and guests discuss systems and processes and how to identify control gaps.  21:18 - Phase 4: optimize. You’ve achieved compliance. Now what? Hear the importance of shifting your focus to sustaining and improving your new processes.About the guestsChristophe Cadiou is a partner in PwC's Financial Markets practice with over 25 years experience. He advises financial institutions on practical implementation solutions to complex challenges presented by regulatory and accounting change. Jon Spivey is a Partner with PwC's Digital Risk Solutions practice focused on delivering solutions that help his clients leverage the power of technology and data. He has successfully delivered data-enabled solutions for revenue and lease accounting changes to clients in a wide variety of industries. Mei Yin Ng is a PwC director specializing in lease accounting implementation. Mei has managed large-scale global system implementation and transformation projects encompassing the integration of complex systems and platforms across front, middle and back office. About the hostHeather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].