For Software Companies, ASC 606 Brings Change, Guesswork

For Software Companies, ASC 606 Brings Change, Guesswork

The current GAAP standards for cloud and SaaS software companies, SOP 97-2 and ASC 985, will soon be obsoleted in favor of ASC 606, which is the new gold standard for revenue recognition. ASC 606 does simplify and streamline a number of revenue recognition...
ASC 606: Key Points From the New Five-Step Method

ASC 606: Key Points From the New Five-Step Method

ASC 606, Revenue From Contracts With Customers, changes the way that software and professional services companies, among others, need to record and recognize revenue from their various contracts. It’s one of the big new changes that we’re keeping tabs on closely this...
What Does Revenue Recognition Mean in 2017?

What Does Revenue Recognition Mean in 2017?

Above: The Enron complex, photo courtesy Wikipedia   Revenue recognition, at its core, is an accounting principle that specifies the conditions where revenue is recognized or accounted for, and follows generally accepted accounting principles (GAAP). Revenue...

Make Revenue Recognition Prep a Stepwise Process

New revenue recognition standards are fast approaching and companies everywhere need to begin shifting towards these new regulations now. This is a complex process that affects multiple levels of your organization and early preparation is the key. In order to be...