Joint Offering Will Assist Businesses Preparing for New ASC 606 / IFRS 15 Guidance and Other Revenue Management Challenges
CANTON, Mass. – July 21st, 2015 – Enterprise revenue recognition specialists SOFTRAX announce an expansion of their ongoing partnership with FASB Emerging Issues Task Force (EITF) member Ashwinpaul “Tony” Sondhi, regarded as one of the leading authorities on US and international revenue recognition and financial reporting issues. SOFTRAX will work with Mr. Sondhi’s advisory business, AC Sondhi & Associates, in offering targeted business consulting services to public and private companies concerned about their revenue management and accounting process, particularly in the wake of the challenges created by last year’s ASC 606 and IFRS 15 guidance.
Mr. Sondhi is a corporate advisor, author, editor, consultant, board member, and professor with over 30 years of experience in US and international accounting standards. Organizations he has served with include the Emerging Issues Task Force of the Financial Accounting Standards Board (FASB), the Steering Committee on the Statement of Cash Flows of the International Accounting Standards Board (IASB), the American Institute of Certified Public Accountants (AICPA), the CFA Institute, and the Investor Advisory Group to the Public Company Accounting Oversight Board (PCAOB). He has coauthored several books, including the 2006 – 2009 editions of the CCH Revenue Recognition Guide, and The Analysis and Use of Financial Statements, Third Edition, which was a recommended text for the Chartered Financial Analysts (CFA) program. Mr. Sondhi has also served as an expert witness on many financial reporting issues.
SOFTRAX and Mr. Sondhi have collaborated for almost a decade to educate US enterprises on complex accounting issues and regulatory changes. Under the terms of the expanded partnership, A.C. Sondhi & Associates will work with SOFTRAX to review clients’ systems, procedures, and offerings, identifying potential financial reporting risks and developing solutions that will lay the groundwork for the client’s long-term success. Particular attention will be paid to the company’s readiness for new revenue recognition standards, advising on both interpretation and implementation. Customers benefit from the partners’ unique combination of accounting expertise and deployment experience, which has helped companies in some of today’s most heavily regulated industries improve their compliance, controls, and process efficiency.
“SOFTRAX has spent many years developing solutions designed to automate complex revenue recognition. Tony has the knowledge and experience to analyze business processes and how they are impacted by the revenue recognition guidance,” said Tom Zauli, VP of Sales and Marketing at SOFTRAX. “Expanding our partnership with Mr. Sondhi provides clients with best-in-class services in each of these areas. Having Tony as a guide in our product development efforts has been equally invaluable. ”
“From an accounting perspective, private and public companies alike currently face a highly challenging environment,” Mr. Sondhi added. “The transition to ASC 606 or IFRS 15 alone can be a time-consuming, difficult process with many potential traps for businesses. A reinvigorated SEC means organizations must pay closer attention than ever to the quality of their reporting and financial controls. And with a wealth of new revenue opportunities emerging, companies may find that their accounting needs are shifting fairly dramatically. For businesses in these types of situations, having the right support is critical. That is what we intend to provide through this partnership.“
Organizations interested in learning more about available business consulting services can contact SOFTRAX at info@softrax.com, or at 972-715-4028.
About AC Sondhi & Associates LLC
Tony Sondhi is the founder of A. C. Sondhi & Associates which provides consulting services to preparers and users of financial information. The company advises public and private companies on the interpretation, application, and implementation of U.S. GAAP and International Accounting Standards (IFRS).
Recent engagements have involved consultations with software, and technology companies on the implementation of ASC 606, EITF 08-1 (ASU 2009-13), EITF 09-3 (ASU 2009-14), amended acquisition accounting guidance, variable interest entities, insurance accounting issues, and accounting by cloud computing or software as a service (SaaS) companies. Other engagements have involved securitization, derivatives, foreign currency reporting, and various other complex financial reporting issues.
The company has also worked with hedge funds and financial institutions on the analysis and use of financial information for portfolio management, valuation, and acquisitions. More information can be found at ACSondhi.com or by calling 727-797-1515.
About SOFTRAX
For over fifteen years, SOFTRAX revenue recognition solutions have fundamentally changed the way companies manage, report, and forecast their revenue and cash. Corporations manage billions of dollars with SOFTRAX solutions to maximize revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance.
SOFTRAX is headquartered in Canton, MA.