What Is Continuous Accounting and What Are the Benefits?

Posted by Graham Hulme on Nov 3, 2021 11:59:14 AM

Continuous accounting is a key factor to achieving a more strategic finance and accounting function in a corporation. And yet, many accounting organizations have fallen back and are reporting an increased use of spreadsheets.  

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ASC 606 Effects on Cloud Computing Arrangements

Posted by Graham Hulme on Jul 26, 2021 2:18:54 PM

Common trends in SEC comment letters for the cloud computing industry and the connections to ASC 606 revenue recognition disclosure requirements. This article explores revenue recognition solutions for the cloud computing industry with revenue recognition software and billing management software.

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ASC 606 Revenue Recognition Impacts on Media and Entertainment Companies

Posted by Graham Hulme on Jun 15, 2021 4:46:39 PM

The new revenue recognition accounting standard update, ASC 606, issued by the Financial Accounting Standards Board (FASB) has caused significant disruption in the back office.  Adoption of the new standard will impact people, policies, processes, and systems.  For media and entertainment (M&E) entities that account for revenue under U.S. GAAP, it raises several accounting issues.

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Webinar Series: 2018 SEC in review

Posted by KristenLawson on Dec 6, 2018 12:26:36 PM

Webinar Series: 2018 SEC Disclosures year in review

Date: January 22, 2019 In January, we will be hosting a webinar recap for the 2018 SEC disclosures and how to avoid spreadsheets.

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Webinar Series part 4: ASC 606 Disclosures

Posted by KristenLawson on Dec 6, 2018 12:23:07 PM

Please join us on Tuesday, December 11, 2018 at 1pm EST for part #4 of SOFTRAX’s ASC 606 Disclosures webinar series. In prior webinars, we reviewed SEC Comment Letters focused on ASC 606. In this webinar, we revisit these letters paired with companies’ responses. We also review more recent ASC 606 SEC Comment Letters with the corresponding company responses.

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Will you have lost or vaporized revenue?

Posted by Graham Hulme on Jul 13, 2018 8:45:00 AM

Who cares what you call it?  Either way, it’s gone! 


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Will you take the letter “Q” or “K” for $650 million?

Posted by Graham Hulme on Jun 26, 2018 9:42:15 AM

Over the past months, we reviewed public companies’ filings to understand how they planned, implemented, and adopted ASC 606. As the ASC 606 adoption date has come and gone, and many companies are filing their first 10-Q’s under ASC 606, an important point to consider is the extent to which the SEC will do in-depth comparisons between a company’s 10-K filing before adopting ASC 606 and its 10-Q filing after adopting ASC 606. This specific point stood out when we were comparing Amazon’s 10-K filing, where Amazon stated its ASC 606 plan and expected impacts, to its recent 10-Q filing which was its first under ASC 606.

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Part Two: Excel is Error Prone

Posted by kristen Lawson on Mar 1, 2018 8:00:00 AM

In January, we posted a blog outlining five important reasons why excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Today, we’ll expand on the first point, “Excel is error-prone”.

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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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