How Much Does “Free” Actually Cost?
“Both Oracle and SAP are behind other key players, such as Leeyo, in this space…Leeyo offers a mature product supporting both current and ASC 606 requirements.” -KPMG, Revenue Recognition Accounting Update Conference, Santa Clara, December 2015 We’ve known this for a long time, but it’s always nice to hear other industry experts extoll the virtues of our […]
The Increasing Complexity of Financial Reporting
Many companies are finding it more than challenging to comply with the disclosure requirements of the new revenue recognition standards while providing readers of such data with information both meaningful and understandable. Corporate boards, as a result, are giving significant focus internationally to the content and presentation of financial statements as well as innovative ways to communicate […]
What A Full Retrospective Adoption Means for 2016
We’re not called The Revenue Experts for nothing. We are fortunate to employ folks who eat, sleep and breathe revenue accounting. Honestly. We’ve been thinking about the new revenue recognition guidance since before it was trendy. Don’t believe us? Consider the following “water cooler topic” among our technical accounting crew. It just might be the […]
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 […]
In the Seasonal Spirit….
We’re making a list and checking it twice.* * mainly because we are all very accounting-oriented and it would set our minds at ease. OK, that might be the start of a different holiday-themed item altogether, but we are making a list (and will look it over more than once because, really, we are accounting-oriented). […]
“Revenue Touches Everything”
“Revenue touches everything.” For those in the throes of revenue accounting on a daily, monthly and quarterly basis, that pretty much sums up work in a nutshell, doesn’t it? That over-generalized, yet perfectly-encapsulated, comment was attributed to Stephen Rivera, senior director of financial compliance and procedures for Johnson & Johnson Inc., at this week’s Financial […]
Know Your Revenue Data
Editor’s note: Today’s post is the latest from our guest columnist, Shauna Watson, Global Managing Director of Finance & Accounting for RGP, a strategic partner of Leeyo Software in helping clients implement ASU2014-09. Shauna, a subject matter expert in U.S. GAAP, IFRS, SEC and PCAOB regulations, will share her valued opinion on a number of topics […]
Handy Tips for a Successful RevRec Implementation
We’re here to help. That’s just how we are. Whether it’s to let people know the latest status on the newly converged revenue recognition standard, or the best way to prepare for this change, we’re here for you. With that in mind… That one-year reprieve until the new guidance becomes effective gives folks a bit […]
Exposing the Skeletons in Your Closet
The Halloween season is spooky enough without being frightened on the job. We get that. Yet, we’re taking this time of ghouls and goblins to address the skeleton(s) in the room. That being the unflattering aspects of your revenue data, polices and what-not yanked from the cobweb-filled depths of your old processes into the glare […]
Nightmare on Wall Street
Stock shares take a nosedive. The name Enron is being thrown around as a comparable narrative. A special investigative panel is convened, and not for the purpose of deciding the holiday party theme. If this were your company, you don’t need to peruse the cinematic offerings this Halloween season to scare up a fright. You’re […]
Don’t Wait to Automate
A seismic shift in the governing standards of revenue recognition is coming. Fact. The actual date when these drastically altered guidelines become the law of the land is in 2018, more than two years away. Fact. Companies that don’t take advantage of the current pre-transition “downtime” to establish standardized processes while learning the new rules […]
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 […]