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AcctTwo Blog

Considering an IPO? Is ASC 606 Revenue Recognition Covered?

Taking a company public is both a major achievement and a major hurdle to clear. The IPO process is long, arduous, and highly detailed. And with new ASC 606 revenue recognition rules on the books, it's only getting harder.

As of late 2017 all public companies are required to report revenues according to an entirely new set of standards (ASC 606). The changes run deep in the areas of accounting and finance but extend out to departments like IT, HR, sales and more.

Topics: Revenue Recognition ASC 606

How Artificial Intelligence Could Help Manage Contracts

Managing contracts is already a painful process. When the new revenue recognition rules outlined in ASC 606 go into full effect, the process will become even harder.

Beginning in December 2018 all companies will need to report revenue from all contracts in a new way. The goal is to make revenue recognition simple and more standardized across industries. But to achieve that, companies must follow new rules and adopt different practices.

Topics: Revenue Recognition Artificial Intelligence RPA ASC 606

SaaS Revenue Recognition Solution Complies with New ASC 606 and FASB

ASC 606 and FASB Accounting Rules Are Complicated. Learn how a SaaS Revenue Recognition Solution Helps

For many companies, the ASC 606 and FASB revenue reporting requirements went into effect on December 15, 2017. That date was in the minds of many accountants because it represents a radical new way of doing things.

The deadline for adoption was pushed back because it was too difficult for companies to adhere to the new revenue recognition standard. The transition from one set of rules to another was proving to be so problematic for enterprises of all sizes without the right revenue recognition software.

Topics: Software Industry SaaS FASB Revenue Recognition Subscription-Based Revenue Regulations

The Subscription Economy and the New Revenue Recognition SaaS Model

The rise of subscription-based companies and revenue recognition SaaS software solutions

I used to buy movies and music. I still have my media shelves. I’m not prepared to completely let go of my CDs and DVDs yet, but now I subscribe to Hulu and have unlimited access to my favorite TV shows and movies. And for my music, I stream it on Spotify.

A young lady that I know is working on her MBA at the University of Texas at Austin. Soon after moving into her new apartment she sold her car to lower her expenses.

Topics: Informational Revenue Recognition Subscription-Based Revenue Subscription Billing

The Price of Business - Marcus Wagner on the Revenue Recognition Rules Changes

Marcus Wagner Interviewed by Syndicated Columnist, Kevin Price

Marcus has become a regular contributor to Kevin's show and was recently asked to discuss some of the major changes coming to accounting rules and how businesses recognize their revenue. Some topics Marcus covers:

  • Why should companies partner with specialists when it comes to changes to accounting rules and technology?
  • How is the "Subscription Economy" affecting business today?
  • What are the Revenue Recognition changes coming in 2018 and 2019
  • What are the challenges these changes present to businesses and accounting departments? What about sales and marketing?
  • What are the advantages of these changes for companies?
  • Why is it imperative that companies start preparing for this NOW?
Topics: FASB Price of Business Videos Revenue Recognition Podcast

Are You Ready for ASC 606 and IFRS 15?

Every subscription-based business and services firm should be aware of ASC 606 (FASB ASU 2014-09) and IFRS 15, which substantially affect how revenue is recognized.

As revenue recognition rules are becoming the new revenue recognition standard across all industries, we find that the changes will affect different industries in different ways. This report by independent research firm Blue Hill Research explains the impact of the changes and describes Intacct's first-to-market Contacts and Revenue Management solution for organizations seeking to understand how best to manage performance obligations and event-based revenue.

Topics: FASB Revenue Recognition Subscription-Based Revenue

What does CFO.com Recommend about the New Rev Rec Standards? Plan Ahead.

Two EY Consultants Give Advice on How to Prepare for the New FASB Rev Rec Changes

In an article published on CFO.com last week, John McGraw and Jeff Johnson, both with EY, give fair warning to IT departments at organizations that will be impacted by the new FASB and IASB revenue recognition standards. The crux of their advice is that most organizations aren't prepared, and that one key element of getting prepared is to evaluate what software solutions will automate the process and incorporate the regulatory changes.

Topics: ERP FASB Revenue Recognition Subscription-Based Revenue

3 Key Benefits of Reducing Spreadsheets in Finance

More great content from Intacct's View from the Cloud Blog:

The results are in - it's time to replace spreadsheets with software designed for and devoted to finance activities.

Spreadsheets have their uses for personal productivity and ad hoc analyses, but they can also become a barrier to effective finance processes for growing midsize companies when used inappropriately.
Topics: Blog View from the Cloud Intacct Revenue Recognition Software and Technology Industry Awareness

New FASB/IASB Revenue Recognition Standards: Where do you start?!

Scouring the web, there's a lot of information out there about the new FASB/IASB Revenue Recognition Standards, also known as Topic ASC 606, published in May of last year. This new standard will have great impact on software, and particularly Software-as-a-Service (SaaS), companies' accounting practices and business processes.

Topics: Blog Audit and Internal Controls Revenue Recognition Featured Posts Software and Technology Industry Awareness

Understanding the new revenue recognition standard – an illustrative example

From Intacct's View from the Cloud Blog:

In the first part of this blog series, I looked at the big picture changes of the new revenue recognition standard and provided pointers to some good general resources. Now, let's take a look at an example on how the removal of industry specific guidance will impact software companies.
Topics: Blog View from the Cloud Intacct Revenue Recognition Awareness