BTerrell Group Blog

Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is provoking a lot of questions—and for good reason. The update essentially affects all businesses and requires some major updates to reporting and accounting practices. Read on to see if it applies to you, what you need to do, and when you need to make the necessary changes.

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Back in 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released new guidance on recognizing revenues in contracts with customers. Revenue recognition is essential for strong financial management and yet can be challenging for certain types of businesses, such as those managing recurring and deferred revenue.

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In this interview, Johnny Ramondino, President of IN-RGY Consulting, and Brian Terrell, Managing Partner of BTerrell Group, discuss why Robotic Process Automation is a great solution to use when completing rote tasks as long as the workforce is properly prepared. 

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You know your business is unique. Depending on what you offer, what industry you focus on, and even where you’re located, you’re bringing some type of unique value to your clients. The way you manage your accounting can also be very different than other businesses. Some industries have certain ways of managing contracts while others take an entirely different approach.

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Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is provoking a lot of questions—and for good reason. The update essentially affects all businesses and requires some major updates to reporting and accounting practices. Read on to see if it applies to you, what you need to do, and when you need to make the necessary changes.

Read More