The new revenue recognition standards issued by FASB and the IASB represent the most significant accounting change for US businesses since Sarbanes-Oxley. Public companies are expected to comply with the new regulations by the end of 2017. Private companies must start using them by December 2018. It's more critical than ever to understand how the new rules will affect the way you report your revenue - and how they change your financial risk reporting profile.
Under the new guidance, old, industry-specific guidelines for revenue recognition
are replaced with a 5-step procedure:
Retrospective adjustment: Use prior revenue recognition rules in the period leading up to the changeover, then provide updated financials for that time period using the new guidelines in the 2018/2019 financial statements.
Cumulative effect adjustment: Use prior revenue recognition rules in the period leading up to the changeover. In doing so, disclose how each line item will be affected by the new guidance, and explain any significant changes created by applying the new versus the prior guidance.
Our family of revenue management solutions can help take the stress out of this transition with minimal disruption to your business. SOFTRAX works alongside your existing systems, building up revenue recognition capabilities when and where they're needed most through improved automation, controls, and security.
Since 1999, hundreds of corporations have used our
solutions to optimize revenue, reduce operating expenses,
streamline compliance, and gain unprecedented visibility into their business performance.
Our customers represent some of the most successful, innovative, and high-growth enterprises in the world. With hundreds of successful customer deployments, SOFTRAX offers both expertise and experience where it is needed most.
SOFTRAX provides solutions that integrate with your existing ERP and financial systems, expanding their capabilities to meet new and emerging business need with a minimum of disruption.
For almost 2 decades, companies have been managing billions of dollars with our products. In industry after industry, SOFTRAX has successfully streamlined business processes, increased efficiency, and delivered real hard-dollar savings.
Time is running out to adopt these
standards. SOFTRAX provides the
most rapid, least disruptive means of
automating revenue recognition to
ensure compliance in this time of
regulatory change.
SOFTRAX provides premium customer support including a team of dedicated support staff who can respond quickly and meet the individual needs of each of our customers.
