In today’s diverse business world, most companies don’t have a cookie-cutter approach to how they bring in revenue. Companies have multiple levels of services, licenses and products they’re providing for clients and let’s just say the spreadsheet approach is no longer cutting it!
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The Revenue Recognition Update, Revenue from Contracts with Customers, shines a light on exactly how companies bring in their money. Two industries recognizing revenue in similar ways are law and architectural firms. Each performs billable-hour work and some contingency-based work, so they can learn from one another while evaluating accounting best practice for each of these scenarios:
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The FASB set December 15, 2017 as the effective date for public corporations to comply with ASU 2014-9, Revenue from Contracts with Customers (Topic 606). Private companies must comply for reporting years beginning after December 15, 2018. Does that mean we have another year or two to figure out how ASU 2014-9 differs from existing GAAP revenue recognition provisions?
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I’ve been writing a lot lately about the new revenue recognition standards (created by ASC 606 and IFRS 15) companies will soon need to adopt to ensure compliance. Granted, it’s a complex and somewhat dry topic, but it’s one poised to have a tremendous impact on public and private companies alike. Since most of us aren’t accountants (full disclosure – I am, but not practicing), I thought it could be helpful to boil down the changes to the five core steps to compliance.
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Date: Wednesday, June 29th at 11 AM PT / 2 PM ET
For new or existing businesses, managing the financials of a subscription offering is a complex undertaking. A subscription business financial model represents your organization's present and future, and is therefore an essential component for planning, building, and growing a subscription business.
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