Implementing New Revenue Recognition Standard for the Atlanta Hawks
Challenge
The Atlanta Hawks, a professional basketball team organization, needed to adopt the new revenue recognition standard. While the organization had a clearly defined policy for revenue recognition, it sought external expertise and resources to plan for and successfully implement the new standard.The Hawks organization achieved a successful audit result for the transition of its revenue recognition to the new standard.
How we helped
At the recommendation of the organization’s audit partner, Riveron was engaged to assist with the adoption of the new revenue recognition standard given our extensive experience in technical accounting and financial reporting. We served as an extension of the client’s management team in conducting the full-scale assessment of the organization’s revenue streams by type, quantifying the impact to the financial statement disclosures, updating the organization’s revenue recognition policies, and preparing the documentation of its conclusions for its upcoming external auditor’s examination. Riveron also served as a liaison for the organization during the audit process, freeing the management team to continue working through its normal priorities and objectives.
Results
The Hawks organization achieved a successful audit result for the transition of its revenue recognition to the new standard. Following the effort, the client asked Riveron to assist with additional financial reporting and technical accounting requirements, including the adoption of the new lease accounting standard. As a result of the successful engagement, both the Hawks organization and the auditor have referred Riveron to other organizations, including other NBA franchises.
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