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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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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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Weathering The Storm: ASC 606 Solutions

Posted by Julia Saad on Feb 1, 2016 4:50:17 PM

To ensure consistent application of rev rec rules, companies need to be armed with a strong internal understanding of how ASC606 applies to their particular business model. Where internal know-how comes up short, third-party consultants can provide the additional expertise – and peace of mind – when assessing the impact of revenue recognition.

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Implications of Applying New ASC 606 Rev Rec Rules

Posted by Julia Saad on Jan 21, 2016 9:55:47 AM

The new revenue recognition standard is being converted into a single model across all industries. The new global framework for revenue accounting has numerous challenges for companies including: Application and Controls.   Application was described in the previous blog post.

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Challenges of Applying New Revenue Recognition Rules

Posted by Julia Saad on Jan 11, 2016 10:30:30 AM

Application of ASC 606 is a major issue for businesses impacted by the new revenue recognition rules. Most companies seem to be generally familiar with the new revenue recognition standard; however, there are specific areas within the rules are vague. Many are left with wondering how the new revenue recognition rules will impact their business.  This causes major challenges and risks for any business that doesn't take the time to fully understand how ASC 606 and IFRS 15 affects their operations. 

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The Most Popular Softrax Blog Posts from 2015

Posted by Julia Saad on Jan 6, 2016 9:43:57 AM

As 2015 comes to a close, were reflecting on all of the exciting revenue recognition standard and awesome tips that we published on the Softrax Blog this year. Did you catch these most popular blog posts on our Softrax Blog? We've compiled them below.

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The Reinvigorated Regulatory Agency, The SEC Takes Action on Improper Revenue Recognition

Posted by Julia Saad on Jan 4, 2016 9:54:25 AM

The new revenue recognition rules are daunting and many companies wonder how they will be impacted by ASC 606.  What really happens to companies if they don't comply with the new revenue recognition rules? Who enforces these rules? The reinvigorated regulatory agecny, the SEC takes action on improper revenue recognition accounting. Learn about the SEC's role with revenue recognition and how to avoid improper revenue accounting.

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The Making of the Perfect Storm: Part 1 Impact New ASC 606 regulations

Posted by Julia Saad on Dec 28, 2015 1:37:14 PM

Companies will be required to adopt a new universal framework for revenue recognition – one that will hold regardless of vertical, product or service. Currently we have two different standards US GAAP and IFRS 15.  The US Financial Accounting Standards Board (FASB) and its international counterpart, the IASB, have spent a significant amount of time reassessing their respective principles and decided to standardize revenue recognition into one common standard – ASC606.

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New Accounting Standards Meet Increased SEC Attention

Posted by Martin Sachs on Jun 16, 2015 4:49:00 PM

The idea of the ‘perfect storm’ was first popularized by journalist Sebastian Junger in his book of the same name, set against the backdrop of the devastating Nor’easter of 1991. Though undeniably destructive, it was the origin of Junger’s storm that caught the public imagination: a chance combination of high-pressure systems, low-pressure systems, and tropical moisture, it showed that three unrelated phenomena coming together at just the right moment could spark a $200M disaster far greater than the sum of its parts.

It’s an apt metaphor for the challenges US businesses currently face, created – like that fateful Nor’easter – by a collision of three separate processes:

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