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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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Impact of New Revenue Recognition Accounting Standard

Posted by Julia Saad on Dec 22, 2015 5:24:27 PM

For many businesses, the combination of new ASC606 standard and a reinvigorated regulatory agency has the makings of a “perfect storm”, particularly once the updated guidance comes into effect.  

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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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Don't Let Calls for Delays Stall Your ASC 606 Implementation

Posted by Martin Sachs on Jan 20, 2015 11:17:00 AM

In the months since FASB and IASB released the finalized update to their revenue recognition guidance, both boards have seen significant pushback on the effective dates and timeframes for this far-reaching new standard. Last month, FASB Chairman Russell Golden announced that the board was in the process of researching whether implementation deadlines for the guidance – originally scheduled for 2017 and 2018 for public and private organizations, respectively  needed to be pushed back. 

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Telecoms and ASC 606: Revenue Recognition Under the New Standards

Posted by Martin Sachs on Oct 2, 2014 10:13:00 AM

When the US Financial Accounting Standard Board (FASB) released its updated revenue recognition guidelines earlier this year, it also spotlighted several industries likely to see substantial impacts from the new ASC 606 guidance. One the most notable verticals on that list: telecommunications.

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Break the Lock-In: When, Why, and How to Upgrade Your ERP System

Posted by Martin Sachs on Feb 18, 2014 2:11:00 PM

Once your company reaches a certain size, ERP and financial systems become indispensable in your day-to-day operations. However, the more tightly you integrate these systems with your business processes, the harder -- and more expensive -- it becomes to upgrade or replace them.

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New Revenue Guidance is Coming. Is Your ERP System Ready?

Posted by Martin Sachs on Jan 23, 2014 2:33:00 PM

In an effort to streamline and update the revenue recognition process for businesses, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of converging their separate standards for revenue recognition cycles into a single standardized and improved model.

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Tooling Up Your ERP for the Subscription Economy

Posted by Martin Sachs on Jan 15, 2014 11:12:00 AM

Subscriptions aren’t just for magazines anymore.

In fact, for many businesses—both new and old—subscription-based contracts have become the norm. If you need proof of that, look no further than the software industry. Software was once a physical product: if you wanted to purchase a copy of Microsoft Office, you would pay Microsoft, and Microsoft would deliver you a CD (or in the older days, floppy disks) with the application on it.

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Kick the Spreadsheet Habit with Automated Revenue Management

Posted by Martin Sachs on Oct 22, 2013 8:29:00 PM

In many ways, spreadsheet applications like Microsoft Excel are the backbone of the business world. With a little ingenuity, they handle everything from project management to employee expenses -- the ideal tool for companies that may not be ready to commit to a full-blown ERP system.

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