In this week’s Episode 14 of “Ask the RevRec Experts,” we return to our 2016 RevRec Action Plan and welcome back Amanda G. Carrillo, Leeyo’s Pre-Sales Accounting Manager, for the latest installment of our ongoing feature, “Action Plan with Amanda.” The technical accounting expert joins hosts Matt and Jim for an in-depth discussion of the questions to ponder and takeaway benefits of Step 2 of the plan: Pre-Assessment. She also demonstrates great patience in waiting for Jim to break the two-minute mark in asking one question. Not really, but it seems like it.
Amanda hits upon who needs to be involved in an assessment of ASC 606 and what needs to be done in the, bear with us, pre-pre-assessment phase.
Asked why a company would consider processing data both ways now as opposed to waiting another couple years, Amanda said, “starting now you can load your data proactively, see it now and go back to look at that same data processing under current and new GAAP. If you understand policy changes (and) how your business changes, you may still be figuring things out six months from now, nine months from now, but the good news is you’ve already started.
“No one really makes the time to be strategic and proactive before it gets to that point,” she added.
If you haven’t already done so, here’s another opportunity to register for Leeyo Software’s 2016 RevRec Action Plan, which entitles you to a customized calendar with ASC 606 scheduling for your company, access to unique content and other critical items.
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