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The Impacts of Continuous Accounting and How to Support It

Posted by Graham Hulme on Nov 16, 2021 11:01:27 AM

Part two of the two-part blog series “The Future of Finance”

The goal of achieving a more strategic finance and accounting function in a corporation has led to the rise of Continuous Accounting. Catch up with part-one of this two-part blog series. The webinar, “The Future of Finance,” will be held on November 18th, to address the challenges behind this topic even further with specific steps that can be taken today to prepare your organization for the future. Register and save your spot for the free event today.

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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 and Challenges to the Healthcare Industry

Posted by Graham Hulme on Sep 24, 2021 6:08:05 PM

It’s no surprise that the healthcare industry is facing unique and disruptive challenges that are affecting areas such as productivity, revenue cycle, and supply chain on a major scale. Given the current market, healthcare entities may find themselves strapped for resources ranging from supplies to staff, grappling with changes to insured populations, or even struggling to manage new business models such as subscriptions. These challenges are made more difficult with the financial and accounting complexities posed by the revenue recognition standard, ASC 606, Revenue from Contracts with Customers.

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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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ASC 606 Impact on Construction Company Revenue Recognition

Posted by Graham Hulme on Jun 8, 2021 3:47:45 PM

Should revenue be recognized at a point in time or over time following the new revenue recognition standard for construction companies?

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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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Is your company ready for the new revenue recognition exam?

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

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?

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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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