A Letter from the Publisher
BWD
A REHMANN PUBLICATION VOL. 22 | FALL/WINTER 2016-2017
B u s i ness Wisdom Deli vered
The rapid rise of change
This edition of BWD devotes four pages to the changes impacting companies
that recognize revenue from contracts with customers. This new guidance on
“revenue recognition” will ripple throughout the business world. Maybe you
haven’t felt it yet, but it’s quite possible that you will soon. Regardless, there’s
one unmistakable element at play here that you have felt:
This revenue recognition change is just one among many.
Over the past few years, businesses have been asked to navigate the
Affordable Care Act, revised tangible property regulations (TPR) and lease
accounting standards, and more. It’s a lot to juggle on top of running your
business.
We’re all familiar with the popular saying, “The more things change, the more
they stay the same.” However, I’m not sure all of this activity will actually
result in “more of the same.” The acceleration of change we’re seeing today
does not appear to be slowing. The iPhone didn’t exist 10 years ago, but
the iPhone 5 — already an outdated model — has nearly three times the
processing power of a 1985 supercomputer. There are already self-driving
cars on the road, and 7-Eleven made the first commercial delivery via drone
earlier this year. Yes, Slurpees were included.
There’s no “more of the same” with such developments. We’re living in truly
amazing times. Amazing times that can be challenging.
At Rehmann, when tax, audit or any other changes that impact you or your
business come along, our associates work tirelessly to put themselves in your
shoes and turn compliance adjustments into a value proposition. They look at
the situation from each client’s perspective and tailor a unique solution for it.
When you read about the revenue recognition changes on pages 16-19 in this
edition, or the updated TPR and lease accounting standards from our Spring/
Summer 2016 edition, rest assured that we’re ready to begin offering you
those solutions today … just as we’ve done for the past 75 years.
Well, look at that. Maybe some things don’t change after all.
Randy Rupp, CPA
CEO