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Is your company ready for the new revenue recognition exam?

Posted by Graham Hulme on Feb 1, 2018 8:00:00 AM

ARE YOU READY FOR THE EXAM? 

Have you hit the snooze button one too many times on your revenue recognition alarm? It’s every student’s (or accountant’s) nightmare: before you know it, the term has ended, and one of the most important tests of the year (ASC 606 and IFRS 15: Revenue from Contracts with Customers), is here.  Your teacher will soon hand you the revenue recognition standard exam – but are you ready?

There is an abundance of literature on the upcoming revenue standard, ASC 606 and IFRS 15: Revenue from Contracts with Customers, that deals with the ‘who’, ‘what’, ‘when’, ‘where’, ‘why’, and, maybe not so much, the ‘how’, of compliance. Therefore, this blog will ultimately focus on the ‘how’ of complying with the new revenue recognition standard.

Below, we compiled some tips and tricks that will allow you to pass your revenue recognition exam, regardless of which phase your company currently is in.

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ASC 606 Adoption and Initial Disclosures

Posted by Jeff Halden on Feb 1, 2018 7:00:00 AM

Welcome again to our blog and continuation of the discussion of Disclosures related to the new FASB revenue guidance, ASC 606 - ‘Revenue from Contracts with Customers’.

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ASC 606 Adoption – Initial Disclosures

Posted by Jeff Halden on Jan 5, 2018 4:30:12 PM

Happy New Year! 

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Five Reasons Why You Shouldn’t Rely on Excel Spreadsheets for ASC 606

Posted by Julia Saad on Dec 28, 2017 1:06:08 PM

Public and private companies alike are at varying stages in adoption of the new revenue recognition standard, Revenue from Contracts with Customers. Many finance and accounting departments have experienced challenges in understanding and implementing the new rules as it applies to their business because the new ASC 606 guidance has proven to be more complex than initially anticipated.

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What Professional Services Organizations (PSO’s) need to do NOW to prepare for new Revenue Recognition Standards

Posted by Tonia Steciuk on Nov 13, 2017 12:44:10 PM

So the holiday season is just around the corner. Right around the second corner in the New Year, new revenue recognition regulations will be in front of us. Honestly. Really. 2018 is lurking in the hallway and there’s no avoiding it.

When talking to professional services organizations on a daily basis, Changepoint’s Director of Product Management, Greg Davidson, has come across many who still do not have enough information or do not clearly understand if there is an impact (or what the impact is). Or even avoiding it, hoping down the road someone will make it simpler! Although the pace has picked up considerably as we approach the effective date of 1 January 2018, there are still many organizations that need to ramp up their preparation.

Greg will be co-presenting a live webinar on November 16 (9am PSF / 12pm EST / 6pm CET) along with Jeff Halden from Softrax to address the impact of the new revenue recognition standard on PSO’s.

During the webinar, he’ll talk you through the ‘Five Step Framework’ of Revenue Recognition and highlight key areas of concern for PSO’s such as the treatment of revenue and how Professional Services Automation can help you better manage revenue recognition.

Happy Holidays!

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Calculating time value of money (TVM) for revenue recognition

Posted by Julia Saad on Oct 11, 2017 2:35:32 PM

The reporting deadlines imposed by the ASC 606 and IFRS 15 standards are fast approaching. That means the time for companies to get serious about implementing the new revenue recognition standards is now. Embedded within the regulations is the concept of a significant financing component, which means for many companies, adopting the new revenue recognition standard and managing the time value of money will have a significant impact on their business processes.

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Analyzing ERP System Options: ERP Augmentation Software

Posted by Julia Saad on Feb 8, 2017 10:51:57 AM

The complexities of FASB and the IASB’s new revenue recognition guidelines will place heavy strain on back office processes. For quarters starting after December 15, 2017, companies will be required, under ASC 606 and IFRS 15, to perform specific accounting processes that their existing ERP software or legacy systems don’t execute well or, in some cases, don’t offer at all. Companies considering making changes to their ERP or financial system, should have a clear strategy when it comes to complying with the new revenue recognition rules. ERP systems, by their nature, tend to be a ‘mile wide and ½ inch deep’.   They may not be up to this task, nor for that matter, well suited to the new recurring types of revenue associated with the subscription economy.  This blog post is the last in a four part series and focuses on a new approach called ERP augmentation.

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Analyzing Options - Rip & Replace ERP Systems

Posted by Julia Saad on Nov 23, 2016 1:43:43 PM

With the new ASC 606 and IFRS 15 regulations, companies cannot continue with their current revenue accounting practices. When legacy ERP systems no longer support financial processes, it's time to take action and analyze the options for upgrading ERP and financial systems. Organizations with complex revenue recognition must implement a system and a process to remain compliant. This blog series examines four options to get systems up to date – invest in the existing ERP system, supplement with spreadsheets, rip and replace systems, and augment the ERP system. In this blog post, we will help companies analyze the possibility of a “Rip & Replace” of their ERP system with new software.

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Updating ERP Systems: Analyzing the use of Spreadsheets for Accounting

Posted by Julia Saad on Oct 7, 2016 9:29:31 AM

When it comes to revenue recognition and billing, ERP systems do not have the depth of functionality needed to process revenue under the new ASC 606 and IFRS 15 guidelines. Many finance professionals must use manual methods outside the ERP system to address these challenges.

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Analyzing the Options: ERP Customization

Posted by Julia Saad on Sep 9, 2016 3:26:01 PM

New business models and FASB’s new revenue recognition guidelines pose a threat to existing ERP systems. Some companies have achieved business improvement from their ERP systems. However, many companies are quickly realizing that the key benefits, once leveraged from their Enterprise Resource Planning (ERP) system, are now unavailable due to the increasing complexities stated above.

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