There’s Complexity There: Billing and Revenue Recognition in the ‘Internet of Things’
Internet of Things, or IoT, noun, def. (1) a network of physical objects embedded with technology to communicate, sense or interact with their internal states or external environment; (2) a very generalist, yet cool, buzzword for the idea that more and more everyday things around us can share and receive data; (3) the raison d’être […]
Harnessing the Minutiae While Helping the World
By Saloni Madhok, Marketing Manager at Zuora Bio-tech-nol-o-gy, noun, the use of living organisms or their components to produce useful commercial products; any of the various applications of biological science used in such manipulation. Biotechnology probably isn’t the first industry that pops into your head as ripe for a revenue automation software solution, but you’d […]
High Value in Having Your Revenue Solution in the Cloud
It’s no secret the now-commonplace phenomenon of cloud computing continues to trend upward as more businesses are choosing to shift their services to a cloud-based solution, and revenue accounting is no different. We can attest to that fact, as more and more of our customers – and prospective customers – pursue our RevPro® Cloud solution for […]
FASB Moves Forward on One Year Delay
Update Aug. 12, 2015: The one-year deferral voted on last month by the Financial Accounting Standards Board was made official this week. Update July 22, 2015: The International Accounting Standards Board (IASB) on Wednesday approved their one-year deferral for the effective date of the new revenue recognition standard to remain in alignment with the Financial […]
Tech Upgrades Key to New Revenue Recognition Rule Transition
Let’s play a game of good news/bad news/important news. Good news: The newly converged revenue recognition guidelines offer an excellent opportunity for companies to employ and benefit from the much improved technology advances for financial systems. Bad news: Software solutions are as good as the standard upon which they’re based and as anyone who has followed the twists […]
Revenue Practices for Tech Firms in the Spotlight
Prominent technology firms are in the news and not about a life-altering app launch or in-house perk elaborate enough to make a millennial smile. Nope, as we alluded to earlier, it’s the federal attention given to their financial reporting practices, with revenue drawing the brightest spotlight, a practice quickly becoming the industry norm. As reported in Fortune recently, […]
Research: New Revenue Recognition Guidance Highlights Need for Software over Spreadsheets
Bringing the new revenue recognition standards to light required years of hard work; implementing them successfully will require a more sophisticated and error-proof solution than spreadsheets, according to new research. Fueled by benchmark findings demonstrating the misconceived reliance on desktop spreadsheets in a corporate setting, including a 35% data error frequency, advisory services firm Ventana Research highlighted […]
Hear It from the Experts: New Guidance Budgeting and Planning Needs to Start Yesterday
We’ve hit the one-year mark since the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the newly converged standards for revenue recognition and, as you’re likely well aware, a lot has happened. Wheels are in motion for both governing boards to delay the effective date by a year as many facets […]
RevRec in the Complex World of Telecommunication
The year 2014 marked the introduction of the converged set of revenue recognition principles released by the IFRS and FASB. Upon its release, the new guidance spotlighted several industries likely to see substantial effects of the ASC 606 guidance. The most highlighted and noted one on that list was, undoubtedly, telecommunications. It is indeed a […]
Is the FASB Delay Good or Bad for my Revenue Team? Yes!
If you’re reading this, you’re already well aware the FASB took the necessary baby steps last week toward a one-year delay to start the new revenue recognition guidelines. An eagerly awaited solution, to be sure. However, as procedural next steps play out toward an official decision, you’re likely left wondering whether this extra year to […]
FASB to Discuss #RevRec Standard Effective Date Deferral
Governing boards overseeing the newly converged revenue recognition standard are still weighing decisions regarding a potential deferral in the effective date of the standard, with FASB set to hold further discussions this Wednesday, April 1. Let’s hope that’s not an April Fool’s Day ruse. The standard is currently scheduled to take effect for reporting periods beginning […]
Health Care and Revenue Recognition in the Spotlight
Health Care Has Everyone’s Attention, Including Those Who Monitor Revenue The year 2014 was historic for the health care industry’s far-reaching implementation of the Affordable Care Act and the watershed announcement of a converged revenue accounting model. Now, consider this: the increasingly valuable implications of revenue recognition rest squarely at the axis of those two […]