Principal or Agent? A quick look at a complex ASC 606 topic.
It is common for companies to partner with other organizations to provide goods or services for their customers. The new Revenue from Contracts with Customers(codified as ASC 606) rules recognize this fact, and provide recommendations for how you should handle the revenue associated with these products and services. It boils down to determining whether you are …
Principal or Agent? A quick look at a complex ASC 606 topic. Read More »
The Five “Secret Truths” That Keep CFOs Up at Night
And the 5 ways cloud-based ERP can help As a CFO, you’ve got a lot of responsibility, and a natural response to that responsibility is to worry. And since your role is inherently sensitive, you may be loath to admit to some of the reasons for your worry. What are some of the “secret truths” …
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Anticipation, Preparation and Execution – What to do in a shifting HR landscape
Over the last decade, we’ve seen a number of employee-friendly reforms go into effect. Paid family leave, higher minimum wages, gender pay equity, union-friendly rulings and healthcare reform have all received consideration attention – and legislative action. The new administration has promised to roll-back, or at least curtail, many of these changes, leaving employers wondering …
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How Much Does Intacct Cost? And 16 Other Intacct Pricing Questions Answered
Let’s talk price. One of the most common questions companies have when evaluating accounting software is, how much does it cost? There are several factors to consider including licensing, implementation/setup and training. What is Intacct? Intacct is a 100% cloud-based accounting system available via subscription. It is hosted in two fortune 100 data centers. Find …
How Much Does Intacct Cost? And 16 Other Intacct Pricing Questions Answered Read More »
ASC 606 – Is Your Technology Up to the Task?
Three Crucial Areas of Functionality You Need to Meet the New Revenue Recognition Rules Deadlines for compliance with the new Revenue from Contracts with Customers (ASC 606) rules are imminent. Is your business management software up to the task? Here are three critical functional areas your technology should be excelling in – in order for …
Modified or full retrospective – which is right for you? Transitioning to ASC 606.
Companies have two options when implementing the new Revenue from Contracts with Customers standard, codified as ASC 606. You can take a retrospective approach or a modified retrospective approach. Both approaches require significant effort to account for contracts under both the old and the new guidance before and during the transition year, and clients with …
Modified or full retrospective – which is right for you? Transitioning to ASC 606. Read More »
Distinct or a Bundle? The “Gotchas” in the new Revenue Recognition Standard
The confusing complexities that just may come back to bite you In our continuing series covering the major and minor points of the new Revenue Recognition rules contained within ASC 606, we wanted to shed some light on some of the nuances laced through the rules’ verbiage. While on the surface the rules sound fairly straightforward, …
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Your Five-Step Program to Revenue Recognition Compliance
I’ve been writing a lot lately about the new revenue recognition standards (created by ASC 606 and IFRS 15) companies will soon need to adopt to ensure compliance. Granted, it’s a complex and somewhat dry topic, but it’s one poised to have a tremendous impact on public and private companies alike. Since most of us …
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Which Industries Will Revenue Recognition Updates Impact the Most?
You know your business is unique. Depending on what you offer, what industry you focus on, and even where you’re located, you’re bringing some type of unique value to your clients. The way you manage your accounting can also be very different from other businesses. Some industries have certain ways of managing contracts while others …
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Need Clarification to Revenue Standards? FASB Has This to Share
Many businesses are struggling to understand the recent changes to the revenue recognition standards. The US Financial Accounting Standards Board (FASB) recently released technical corrections and changes that include clarifications on contracts and preproduction costs as they pertain to long-term supply arrangements. Since these rules go into effect very soon, it’s important for businesses to …
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