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The ASC 606 Clock is Ticking!

 

“Hopefully, fear is what you’re feeling now.”

-Josh Paul, Director of Accounting, Google

The New Revenue Standards Will Impact Everyone

The new revenue standards are arguably one of the biggest changes in accounting in the last quarter of a century. They are based on one overarching principle: Companies must recognize revenue when goods and services are transferred to the customer.

The standards are built around a simple five-step model:

ASC 606 subscription, new revenue standards, new revenue standards saas

What does it mean?

More than just a headache for your finance department, the upcoming revenue standard changes have the potential to heavily impact sales, marketing, and pricing strategies – particularly for subscription-based companies.

Companies will need to take a hard look at how they are doing business today, how they plan to price and sell in the future, and what they need to do to meet the new revenue standards.

Here at Zuora, our Revenue Recognition solution will meet the ASC 606 and IFRS 15 standards. Your business deserves to focus on growth without fretting about compliance.

7 Things You Should Consider

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“The revenue standard is one of the biggest accounting changes in over a decade. It will impact every industry and is applicable to every company. The reach of the guidance stretches to all contracts with customers with certain exceptions.”

 

-Bloomberg

“We have before us a perfect accounting storm, the likes of which has not been seen since the late 1990s….The new annual report period starts on December 15, 2018, which is just around the corner.”

 

-CRM Buyer