New Rules a Revenue Boon for Consultants
We’ve talked ad nauseam in this space about the upcoming change to the governing rules for revenue recognition, but with ASC 606‘s effective date for public companies less than six months away, corporate finance leaders are rightfully freaking out. You know who become the ultimate beneficiaries? Consulting firms. That’s a key takeaway from a recent […]
“We Don’t Need No Stinkin’ New Guidance!”
Big changes in revenue recognition are coming down the pike for just about everyone in the form of ASC 606 / IFRS 15. But what about everyone else? Some companies are not going to significantly change how they recognize revenue because of the newly converged guidance. What say we, you ask? We say… – There […]
AICPA Shines a Light on Industry-Specific Challenges in New Rules
An additional glimmer of light has been shed on some of the more confusing aspects of the new revenue recognition guidance, thanks to new documentation put forth by an influential accounting association. As reported by Compliance Week, AccountingToday and elsewhere, a total of seven new working drafts published by a committee of the American Institute […]
No Delay, But How About Some Corrections?
Everyone working on a deadline loves an extension of that deadline. Those involved in corporate preparation efforts for the massive overhaul of the newly converged revenue recognition standards should not count on any more deadline extensions. You got your one extra year. Anybody for more clarifications? Because that’s what the issuing body, the Financial Accounting Standards […]
Bloomberg: Disclosures May Derail Revenue Standards Timing
OK, what we did there was use a headline alarming and accurate to entice you to read further and, well, it worked, right? As said headline indicates, a report came out last week from Bloomberg BNA as a result of the August 31 FASB board meeting, during which the need for continued discussion on how to […]
Surprise! Everyone is Talking About New Revenue Rules
To be filed under the heading of “Better Late Than Never,” it appears a lot of folks are talking about the new revenue recognition rules. Now. Some of us have been talking about it for a while. ….but we digress A recent article in Investor’s Business Daily takes an in-depth look at the ripple effects […]
How Ready is the Real Estate Industry for New Guidance?
As the new revenue recognition guidelines get ever closer to becoming the way of life for just about every industry, we continue our occasional deep dives into specific industries to shed light on what is coming, and much sooner than people may realize. Today, we take a look at how the guidelines could shuffle up […]
New Guidance Through the Regulatory Lens
During the past year we’ve made a concerted effort to keep revenue experts aware of the dramatic overhaul on the horizon for revenue recognition guidance. We’ve come at this from our point of view, from the perspective of longtime industry experts and from the vantage point of some key verticals. Today, we take a more regulatory bent […]
India Expected to Defer Adoption of Ind AS 115
Today, we continue in our series on adoption of the new revenue recognition standard in India. The country is likely to defer adoption of this new accounting standard (known as Ind AS 115) as more consultation is necessary to help clarify the requirements and to provide examples in order to assist with implementation. At the National […]
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 […]
Driving through RevRec within the Automotive Industry
By Saloni Madhok, Marketing Manager at Zuora The new revenue recognition standard is more principle-based than current revenue guidance. For automotive entities, this means more judgement than required in the past. Original equipment manufacturers and automotive parts suppliers may identify more performance obligations than what is done today. Automotive parts suppliers may be required to […]