ASC 606 & IFRS 15: How the new Revenue Standards will Impact Subscription Companies
This post is guest-authored by two experts at Zuora: Peush Patel, Director of Finance and JingJing Xia, Sr. Product Marketing Manager. Zuora is the industry leader in subscription billing, e-commerce and finance and a valued partner of Leeyo Software. Patel is the Product Management Director for Finance at Zuora. Before Zuora, he led the Revenue Management product at […]
Feedback from the FASB / IASB Webcast
Last week, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) held a joint webcast to discuss implementation of the newly converged revenue recognition standards by the two governing bodies and many of the now-familiar refrains were hammered home – along with a few eye-opening tidbits. Officials on the hour-long program […]
Is Anyone Really Ready for the New Revenue Guidance?
We are all about numbers so here are a few to mull over… 75 (the percentage of respondents yet to complete an impact assessment for the new revenue recognition guidance from a survey of companies in a variety of industries conducted this past summer by PricewaterhouseCoopers (PwC) and Financial Executives Research Foundation (FERF)) 27 (the […]
You Need to Understand the New Standard to Apply It
Here’s what you know: The newly converged standard for revenue recognition was announced last year by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) following more than a decade of painstaking effort on the parts of those governing boards. In response to outcry from companies seeking extra time to transition […]
IASB Looks to Follow FASB Lead on Delay
Taking the concept of ‘convergence’ to heart, the start date of new revenue recognition guidelines is likely to be delayed internationally now, following recent actions in the U.S. According to multiple reports this week, including the Wall Street Journal and Compliance Week, the international rule makers at the International Accounting Standards Board (IASB) will propose […]
Boards to Adjust New Revenue Standard
While a deep dive into any delay for the new revenue recognition standard won’t take place until next month, governing boards this week made solid progress toward some key revisions to the complex new converged standard. At their joint meeting for March, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) voted in […]
CFOs in the Dark on New RevRec Rules
If you’re reading this, you are already on your way to becoming well-versed on the newly converged revenue recognition standard announced last year. Apparently, you’re one up on the person most responsible for your company’s financial standing in this regard, as well. As was just covered in a CFO.com report, more than half of the […]
Boards to Clarify Revenue Recognition Guidance
One piece of news and more credence to an ever-growing assumption were the big takeaways from the latest meeting of the accounting minds. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), in their joint meeting on Wednesday, proposed that some portions of their converged revenue recognition standard need to be ironed […]
Might Early Adoption Accompany FASB Delay
The distinct possibility that some on-the-ball companies might be granted early adoption status for the new revenue recognition rules is the latest tidbit to come out of the Financial Accounting Standards Board’s own readiness research. That development, plus the chance of additional rule-making in response to FASB findings, is being reported in Compliance Week and […]
Help is on the Way: TRG Tackles Revenue Topics
In June 2014, The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG). The role of TRG is to keep IASB and FASB informed about possible hurdles predicted in the implementation of the new revenue recognition standards across all […]