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How ASC 606 and IFRS 15 Affects Technology Companies

How ASC 606 and IFRS 15 Affects Technology Companies

One of the main purposes of the Financial Accounting Standards Board’s new revenue recognition standard, ASC 606 and IFRS 15, is to eliminate industry-specific guidance in order to create more consistent reporting across all types of organizations. That means its effect will vary depending on your industry, from “no big deal” to a “very big deal.” Software and technology fall very much into that latter category.

By Jennifer Kling | July 10th, 2018

RevSym by SAP: A Simple Solution to a Complex Problem

RevSym by SAP: A Simple Solution

The Financial Accounting Standards Board’s new revenue recognition standard, ASC 606—the biggest accounting guidance change in recent history— has two main objectives. The first, and probably most important, is to eliminate industry-specific guidance in order to create more transparent and uniform reporting across all types of companies. In other words, to allow for a more generic, apples-to-apples comparison among companies and industries, no matter how diverse.

By Jennifer Kling | June 29th, 2018

Befuddled by ASC 606 and ASC 340-40? You’re Not Alone!

Accounting for commissions and other contract costs under ASC 606

If the survey results from CallidusCloud’s recent webinar on adoption of the new revenue recognition standards, ASC 606 and ASC 340-40, are any indication of what’s going on in American business, this on-demand presentation couldn’t be more timely.

By Jennifer Kling | May 23rd, 2018

ASC 606 and IFRS 15: Don’t Leave Revenue Recognition to Chance

ASC 606 and IFRS 15

If you are reading this blog post, I am going to assume you arrived here because of your interest in or responsibility for revenue recognition. For the last couple of years there has been countless articles, blogs, webinars, conferences, etc. about the new revenue recognition standard ASC 606 and IFRS 15 internationally. You’ve probably seen them all but are still looking for more.

By Jennifer Kling | May 21st, 2018

Automate Revenue Recognition: It’s Not Too Late

automate revenue recognition

ASC 606 (or IFRS 15 internationally) compliance—the biggest accounting guidance change in recent history—is already past due for public companies. It became effective at the beginning of this year, but many private companies still haven’t even started implementation.

By Jennifer Kling | May 8th, 2018

Meeting in the Face of ASC 606

ASC 606

The clock struck 12:00 a.m. on January 1, 2018, and while the rest of the world was partying, accountants all over the world waited for the real Y2K apocalyptic event in the form of ASC 606 to destroy financials as we knew them. Update—nothing has happened… yet. While we survived the first official transition date, the first reporting period is yet to come, so the folks on the RevSym team at CallidusCloud decided to provide a support group masked as a customer meet-up earlier this month.

By David Williams | February 23rd, 2018

The time is here: Make your ASC 606 decisions now!

ASC 606

The new year is here, which means the ASC 606 effective date is past due for public companies. Private companies have the luxury of one more year to adopt the new guidance but should not underestimate the timeline for the adoption process and the impact of the new guidance; specifically, just how far reaching the changes in the guidance are in terms of the financial as well as the operational impact they have for companies.

The Impact of ASC 606

By Nazish Khan | February 8th, 2018

Teaming with Tony: What there is to learn about implementing ASC 606—Backlog disclosures

implementing ASC 606

Setting the stage

In the September 2017 volume of The Analyst’s Accounting Observer, R.G. Associates surveyed 391 S&P 500 firms’ 10-Q disclosures with December and January year ends to understand the effects of the new revenue recognition standard to publicly traded firms. Based on the disclosures reviewed, only 7 (1.8%) companies have explicitly stated that implementing ASC 606 will have a material impact, while the rest have an expectation of no material impact or remained mum on the impact as of their Q2’17 financial disclosures.

By David Williams | December 13th, 2017
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