Death, Taxes, and Revenue Recognition Rule Changes

- RevenueRecognition.com Contributor

If Benjamin Franklin had been an accountant his famous quote might have read – nothing in this world is certain except for death, taxes, and changes to the revenue recognition rules.

Regardless of the rules that you now follow – the principles-based guidance promulgated by the International Accounting Standards Board (IASB), or the detailed, sometimes industry-specific, guidance issued in the U.S. by the Financial Accounting Standards Board (FASB) and other authoritative bodies – it is almost certain that the rules that you use for revenue recognition will be changing.

The IASB and FASB are currently working on a joint project to clarify the principles for recognizing revenue and to develop a single, common revenue recognition standard. A final exposure draft is planned to be issued very soon which would be the final step before a single, converged standard is issued.

In the future, for US GAAP companies, industry-specific guidance will be gone (e.g., software revenue recognition under ASC 985-605 [formerly known as Statement of Position (“SOP”) 97-2] and construction accounting under ASC 605-35 [formerly known as SOP 81-1]) and there will be the need to exercise more judgment for anything but the most simple transactions. For companies that follow the International Financial Reporting Standards (IFRS) there will be a more detailed and well defined process with more bright-line rules.

U.S. GAAP Companies

The Discussion Paper “Preliminary Views on Revenue Recognition in Contracts with Customers” notes that in US GAAP, revenue recognition guidance comprises “more than a hundred standards – many are industry-specific and some can produce conflicting results for economically similar transactions”(1).

This was clear to companies that sold software. In 1997 SOP 97-2 was issued which superseded SOP 91-1. This standard provided guidance on how revenue should be recognized when the transaction included more than incidental software. SOP 97-2 provided detailed rules that went beyond the general US GAAP revenue recognition guidance. It provided detailed guidance for accounting for postcontract customer support (PCS) (which was generally accounted for as a cost accrual under SOP 91-1). PCS was now generally viewed as a specific element that was deliverable within the transaction. Recording a cost accrual for it was no longer generally acceptable. As an element, revenue needed to be assigned to it. Under SOP 97-2, vendor specific objective evidence (VSOE) of fair value needed to be determined for the PCS if revenue was to be recognized for any delivered elements. These companies whose revenue transactions included software now needed to determine if their transactions fell within the guidance of SOP 97-2 or not. This determination could result in seemingly similar transactions being accounted for dramatically different, depending on which accounting rules were applied.

Over time more transactions were being drawn under the software revenue recognition rules as more hardware products included software. The rules governing these transactions then began to evolve and change as the rule makers considered these hardware with embedded software transactions and whether or not it made sense to apply the software rules to these transactions. Therefore, changes were made in 2009 with the issuance of ASU2009-13, which gave relief from the strict VSOE standard for transactions where the hardware and software functioned together to provide the essential functionality; and the issuance of ASU2009-14, that clarified which transactions fell under the software revenue recognition rules and which fell outside those rules. With the movement toward convergence there were also discussions that the accounting for many of these transactions was not reflecting the true economic substance of the transactions.

Even companies that do not follow the industry-specific guidance software revenue recognition rules of ASC 985-605 / SOP 97-2 are in for changes. Take for instance companies that apply the construction accounting rules under ASC 605-35 / SOP 81-1.

In the model proposed under the exposure draft, these companies would need to determine if they continuously transfer control of their goods and services to the customer under the contract; or if control is only passed as the completion of the work. In the latter case, no revenue could be recognized until control passed at the work completion. This could present a potentially huge change for construction companies that do not transfer control under the contract until the work is completed. Take for instance a company that manufactures aircraft. Previously, under ASC 605-35 / SOP 81-1 it may have determined that the most representative measure of progress under percentage of completion accounting was to recognize revenue each period based on the ratio of costs incurred to date compared to total costs expected under the contract. If under the current proposal, the company determined that each aircraft represented the performance obligation, and that control over each aircraft only transferred as they delivered each aircraft to the end customer, revenue could only be recognized as each aircraft was delivered.

Changes are also expected for companies outside of the software revenue recognition and construction accounting areas as well. Here is a list of a few of the expected changes (not all-inclusive):

• Collectibility issues would no long be recognized as a bad debt expense. Collectibility issues would be shown as a direct revenue reduction in a separate line directly below revenue (i.e., contra revenue).

• If a seller retains some rights to an asset solely as protection against the customer’s failure to comply with the terms of the contract (for example, when a entity retains legal title as protection against the customer’s failure to pay), those rights are protective rights and do not preclude a customer from obtaining control of an asset (2), nor the company from recognizing revenue when control is transferred.

• A customer may obtain control of goods, even in bill-and-hold situations. The exposure draft does not contain the current (and very rigid) US GAAP detailed bill-and-hold criteria.

• For contract acquisition costs it is proposed to recognize an asset for the incremental costs of obtaining a contract (e.g., sales commissions) that are recoverable in the contract.

• There are numerous, detailed disclosure requirements.

IFRS Companies

Companies that report under IFRS have somewhat the opposite challenge posed to US GAAP companies. IFRS has two main revenue recognition standards (IAS 11 Construction Contracts and IAS 18 Revenue). These standards are generally considered to be vague and inconsistent. It can be difficult at times to tell which standard applies, and the standards can be difficult and very judgmental to apply beyond simple transactions. For example, these standards provide limited guidance for transactions involving multiple components or multiple deliverables (1).

Companies that presently apply a principles-based IFRS model will need to now consider some bright-line guidance in applying the new proposed revenue recognition guidance. This ranges from revenue that does not need to be discounted for the time value of money when the contract has a significant financing component if the period between payment by the customer and the transfer of the promised good or service to the customer is one year or more (3); to the detailed core principle to recognize revenue (4):

1. identify the contract(s) with the customer;
2. identify the separate performance obligations in the contract;
3. allocate the transaction price to the separate performance obligations; and
4. recognize revenue when the entity satisfies each performance obligation.

It would be expected that a new, converged revenue recognition standard would take away some of the judgments that were previously applied by IFRS companies. The intention is that more bright lines would provide better comparability between companies in the same industry as well as better comparability between industries.

The Changes to Come

The new exposure draft is expected to be issued any time now (it was due at the end of September 2011 but now is more likely in the November / December timeframe). Once it is issued there will be a 120 day comment period where you can make your comments known to the FASB / IASB boards. Based on re-deliberations once the comment period has ended, it is expected that the boards will re-affirm their previous positions or may make slight changes to the proposed model to address valid concerns raised by constituents. However, at this point it is not expected that substantive changes would be made to the basic proposed model.

With that said, now is the time to prepare for the next change to revenue recognition accounting. Here is an approach that you should consider to prepare for the upcoming changes:

• Read the exposure draft to understand how it might impact your revenue accounting.

• Comment during the 120 day period on issues that don’t make sense to you or that you believe should be changed (along with your rationale).

• Take several representative contracts and apply the proposed rules for recognizing revenue. This may help in identifying significant changes or implementation issues, including potential system and process changes that you may encounter once the project is finalized.

• Stay abreast of the re-deliberations. Updates on the progress of the project are available from either the FASB or IASB websites.

• Once the new rules are finalized, prepare a detailed plan for how you will implement the changes. This may involve bringing together a cross-functional team to assess potential impacts across your company. There could be impacts in areas outside of accounting (e.g., sales commissions, debt covenants, etc.).

• Don’t delay in assessing the impact on your company. Once a final standard is issued it is expected that implementation will be required no earlier than January 1, 2015. However, it is expected that full retrospective application will be required. Therefore, you may need to apply to transactions beginning as early as January 1, 2013.

NOTES

(1) December 2008 Discussion paper “Preliminary Views on Revenue Recognition in Contracts with Customers”, page 7.

(2) Exposure Draft “Revenue from Contracts with Customers” June 2010, para. 28.

(3) IASB website. Revenue recognition project. Summary of the boards’ re-deliberations to date.

(4) Exposure Draft “Revenue from Contracts with Customers” June 2010, para. 2.

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Filed under FASB, FASB/IASB Revenue Recognition, Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), Revenue Recognition Guidance, Revenue Recognition Management

Softrax Sponsors The 2011 GRC Summit

Softrax® is please to be a sponsor of  The Governance, Risk Management and Compliance Summit. Among the topics being discussed an emphasis will be given to the following:

  • Multiple aspects and functions of Enterprise Risk Management
  • Shifting trends and management procedures for Information Technology
  • Corporate compliance: Regulations, policies, and legal considerations
  • Financial processes, mandates and audit functions

At the core of a Governance, Risk and Compliance program is the ability to enhance operational decision-making and
strategic planning across the multiple echelons of an organization. Anticipating and managing risk does not simply fall
on the shoulders of one office, it is a responsibility shared by the many employees and stakeholders of an organization.
Understanding and communicating these risks is an essential aspect of developing and aligning your control framework.
With a comprehensive GRC program in place you will be able to maximize business functionality and achieve the goals
you have in place.

Developing and aligning your Governance Risk Management and Compliance framework involves the integration of
multiple internal and external parts. The people process, and technology must work hand in hand with your corporate
strategy in order to maintain efficient and effective business processes, and at the heart of this integration is education.
The 2011 Governance, Risk Management and Compliance Summit will provide you with implementable solutions and
best practices that will develop stability and growth within your GRC program, eventually creating value and ROI where
it may have been lacking before.

Join us at the Hilton Back Bay on November 1-3, 2011 for the 5th installment of the Governance Risk Management
and Compliance Summit. Hear from industry case studies and thought leaders across six workshops and 4 informational tracks. For more information please visit us at www.thegrcsummit.com, or contact us at Info@AFSFinancials.com for 50% off registration.

AFS Financial Solutions looks forward to seeing you in Boston!

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Multiple-Element Revenue Guidance Seminar 2011 – Santa Clara, CA

“How will the recent changes in multiple-element revenue guidance affect your technology company?”

AFS Financial Solutions, a leading provider of enterprise revenue management and billing solutions, announces a new series of executive seminars hosted by special guest speakers from Grant Thornton’s Technology Industry Practice. These executive seminars are specifically designed for Technology Industry Executives needing to gain a deeper understanding of how the recent changes in multiple-element revenue guidance will affect them.

The next 2 events will take place on Tuesday, October 4th, 2011 at 7:30 am at The Hilton Santa Clara Hotel.  Interested finance and accounting executives can register on the AFS Financial Solutions web site:
http://www.softrax.com/news-and-events/future-events/?RM=homepage 

Are You Ready? Join us in a complimentary high level discussion on how the recent changes in multiple-element revenue guidance will affect your technology company. This event will be limited to 20 Technology Industry CFO and Executives.

Upcoming Events:
Portland, OR | September 27th, 2011
Seattle, WA | September 28th, 2011
San Jose, CA | October 4th, 2011
Information: http://www.softrax.com/Events Or contact us for more details!

About AFS Financial Solutions:
AFS Financial Solutions Inc. is a leading provider of enterprise revenue management and billing solutions that fundamentally change the way companies manage, analyze, report and forecast their revenue. SOFTRAX® solutions automate the entire revenue cycle, from contract and order management, billing and contract renewals through revenue recognition, reporting, and forecasting. Hundreds of corporations benefit from using SOFTRAX® solutions to optimize their billing, maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. AFS Financial Solutions Inc., headquartered in Canton, MA is a wholly-owned subsidiary of AFS Technologies Inc. More information can be found at http://www.softrax.com, http://www.revenuerecognition.com and by calling 1.800.533.2312.

About Grant Thornton LLP:
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at http://www.GrantThornton.com.

About AFS Technologies, Inc:
AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,200 customers across the Americas with a portfolio of solutions for the Food, Beverage and High Technology segments. AFS Food and Beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, and assist in regulatory compliance. All AFS solutions utilize service oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. For additional information, please visit http://www.afsi.com or call 877.821.3007.
###
Contact: Kim Bianchini at 972-715-4039 or Info@AFSFinancials.com for information

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Filed under Grant Thornton, Revenue Recognition Management, Seminar, Softrax, Software Revenue Recognition

Multiple-Element Revenue Guidance Seminar 2011 – Portland and Seattle

“How will the recent changes in multiple-element revenue guidance affect your technology company?”

AFS Financial Solutions, a leading provider of enterprise revenue management and billing solutions, announces a new series of executive seminars hosted by special guest speakers from Grant Thornton’s Technology Industry Practice. These executive seminars are specifically designed for Technology Industry Executives needing to gain a deeper understanding of how the recent changes in multiple-element revenue guidance will affect them.

The next 2 events will take place on Tuesday, September 27th , 2011 at 7:30 am at The Oregon Zoo in Portland, OR and Wednesday, September 28th , 2011 at 7:30 am at The Grand Seattle Hyatt, Seattle, WA.  Interested finance and accounting executives can register on the AFS Financial Solutions web site:
http://www.softrax.com/news-and-events/future-events/?RM=homepage

Are You Ready? Join us in a complimentary high level discussion on how the recent changes in multiple-element revenue guidance will affect your technology company. This event will be limited to 20 Technology Industry CFO and Executives.

Upcoming Events:
Portland, OR | September 27th, 2011
Seattle, WA | September 28th, 2011
San Jose, CA | October 4th, 2011
Information: http://www.softrax.com/Events
Or contact us for more details!

About AFS Financial Solutions:
AFS Financial Solutions Inc. is a leading provider of enterprise revenue management and billing solutions that fundamentally change the way companies manage, analyze, report and forecast their revenue. SOFTRAX® solutions automate the entire revenue cycle, from contract and order management, billing and contract renewals through revenue recognition, reporting, and forecasting. Hundreds of corporations benefit from using SOFTRAX® solutions to optimize their billing, maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. AFS Financial Solutions Inc., headquartered in Canton, MA is a wholly-owned subsidiary of AFS Technologies Inc. More information can be found at http://www.softrax.com, http://www.revenuerecognition.com and by calling 1.800.533.2312.

About Grant Thornton LLP:
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at http://www.GrantThornton.com.

About AFS Technologies, Inc:
AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,200 customers across the Americas with a portfolio of solutions for the Food, Beverage and High Technology segments. AFS Food and Beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, and assist in regulatory compliance. All AFS solutions utilize service oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. For additional information, please visit http://www.afsi.com or call 877.821.3007.
###
Contact: Kim Bianchini at 972-715-4039 or Info@AFSFinancials.com for information

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Filed under FASB, FASB/IASB Revenue Recognition, Grant Thornton, Revenue Recognition Guidance, Seminar, Softrax

Multiple-Element Revenue Guidance Seminar 2011 – Austin, TX

“How will the recent changes in multiple-element revenue guidance affect your technology company?”

AFS Financial Solutions, a leading provider of enterprise revenue management and billing solutions, announces a new series of executive seminars hosted by special guest speakers from Grant Thornton’s Technology Industry Practice. These executive seminars are specifically designed for Technology Industry Executives needing to gain a deeper understanding of how the recent changes in multiple-element revenue guidance will affect them.

The next event will take place on Tuesday, September 20th, 2011 at 7:30 am at the Renaissance Austin Hotel, Austin TX. Interested finance and accounting executives can register on the AFS Financial Solutions web site: http://www.softrax.com/Austin_Seminar

Are You Ready? Join us in a complimentary high level discussion on how the recent changes in multiple-element revenue guidance will affect your technology company. This event will be limited to 20 Technology Industry CFO and Executives.

Upcoming Events:
Chicago, IL | September 13th, 2011
Austin, TX | September 20th, 2011
Portland, OR | September 27th, 2011
Seattle, WA | September 28th, 2011
San Jose, CA | October 4th, 2011
Information: http://www.softrax.com/Events
Or contact us for more details!

About AFS Financial Solutions:
AFS Financial Solutions Inc. is a leading provider of enterprise revenue management and billing solutions that fundamentally change the way companies manage, analyze, report and forecast their revenue. SOFTRAX® solutions automate the entire revenue cycle, from contract and order management, billing and contract renewals through revenue recognition, reporting, and forecasting. Hundreds of corporations benefit from using SOFTRAX® solutions to optimize their billing, maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. AFS Financial Solutions Inc., headquartered in Canton, MA is a wholly-owned subsidiary of AFS Technologies Inc. More information can be found at http://www.softrax.com, http://www.revenuerecognition.com and by calling 1.800.533.2312.

About Grant Thornton LLP:
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at http://www.GrantThornton.com.

About AFS Technologies, Inc:
AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,200 customers across the Americas with a portfolio of solutions for the Food, Beverage and High Technology segments. AFS Food and Beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, and assist in regulatory compliance. All AFS solutions utilize service oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. For additional information, please visit http://www.afsi.com or call 877.821.3007.
###
Contact: Kim Bianchini at 972-715-4039 or Info@AFSFinancials.com for information

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Filed under Grant Thornton, Revenue Recognition Guidance, Seminar, Software Revenue Recognition

AFS FINANCIAL SOLUTIONS ANNOUNCES NEW EXECUTIVE SEMINAR SERIES

“How will the recent changes in multiple-element revenue guidance affect your technology company?”
Canton, Mass. – August 18, 2011 – AFS Financial Solutions, a leading provider of enterprise revenue management and billing solutions, announces a new series of executive seminars hosted by special guest speakers from Grant Thornton’s Technology Industry Practice. These executive seminars are specifically designed for Technology Industry Executives needing to gain a deeper understanding of how the recent changes in multiple-element revenue guidance will affect them.

The first event will take place on Tuesday, September 13th, 2011 at 7:30 am at the Grant Thornton Training Room in Chicago, IL. Interested finance and accounting executives can register on the AFS Financial Solutions web site: www.Softrax.com/ChicagoEvent

Are You Ready? Join us in a complimentary high level discussion on how the recent changes in multiple-element revenue guidance will affect your technology company. This event will be limited to 20 Technology Industry CFO and Executives.

Upcoming Events: Chicago, IL | September 13th, 2011
Austin, TX | September 20th, 2011
Portland, OR | September 27th, 2011
Seattle, WA | September 28th, 2011
San Jose, CA | October 4th, 2011
Contact Us for more details

About AFS Financial Solutions:AFS Financial Solutions Inc. is a leading provider of enterprise revenue management and billing solutions that fundamentally change the way companies manage, analyze, report and forecast their revenue. SOFTRAX® solutions automate the entire revenue cycle, from contract and order management, billing and contract renewals through revenue recognition, reporting, and forecasting. Hundreds of corporations benefit from using SOFTRAX® solutions to optimize their billing, maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. AFS Financial Solutions Inc., headquartered in Canton, MA is a wholly-owned subsidiary of AFS Technologies Inc. More information can be found at http://www.afsfinancials.com, http://www.revenuerecognition.com and by calling 1.800.533.2312.

About Grant Thornton LLP:The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at http://www.GrantThornton.com.

About AFS Technologies, Inc:AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,200 customers across the Americas with a portfolio of solutions for the Food, Beverage and High Technology segments. AFS Food and Beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, and assist in regulatory compliance. All AFS solutions utilize service oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. For additional information, please visit http://www.afsi.com or call 877.821.3007.

###
Contact: Kim Bianchini at 972-715-4039 or Info@AFSFinancials.com for information

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Filed under Grant Thornton, Revenue Recognition Guidance, Seminar

Question: When Is Revenue Not Revenue?

- RevenueRecognition.com Contributor

Answer: When it’s not collectible (maybe).

Historically it was always somewhat of a simple process to determine what was the amount of your company’s revenue. It was the top line of the income statement, regardless of whether it was called sales, net sales, revenue or some other similar caption. That amount represented the gross inflow of economic benefits during the period arising in the course of ordinary activities. It was generally recognized based on two factors, (a) being realized or realizable and (b) being earned…

+ read more

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The Costs of Revenue Recognition

- RevenueRecognition.com Contributor

Summary:

As revenue recognition accounting changes, companies are spending more time and money to keep up.

This is particularly true for software companies. AICPA Statement of Position 97-2, Software Revenue Recognition, was issued in an era when software was not embedded in as many products as is now the case and has rapidly become out of date. FASB’s ASU 2009-13 and ASU 2009-14 were effective for financial statements starting last year and set new rules for devices with embedded software and for nonsoftware multiple-element arrangements. Particularly daunting has been the need to document vendor-specific objective evidence (VSOE) or third-party evidence in the quest to determine the amount of revenue to book for a given item or service… + read more

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Filed under FASB, FASB/IASB Revenue Recognition, Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), Revenue Recognition Guidance, Revenue Recognition Management

The New Revenue Recognition Draft: Companies React

There is a new resource article featured on RevenueRecognition.com:

The New Revenue Recognition Draft: Companies React
http://tinyurl.com/795cho2

- RevenueRecognition.com Contributor

Summary:
Initial preparer reaction to the latest revenue recognition proposal has been mostly positive, but criticisms have surfaced.

The Financial Accounting Standards Board and its international counterpart, the International Accounting Standards Board, are so far getting generally high marks from companies for their joint revision of revenue recognition accounting. But the devil still lies in the details.

Proposed Accounting Standards Update (Revised)—Revenue Recognition (Topic 605), released as an exposure draft in November, goes into effect as soon as 2015, with full retrospective application going back to 2013, and will require public companies throughout the world to… + read more
http://tinyurl.com/795cho2

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Filed under FASB, FASB/IASB Revenue Recognition, Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), Revenue Recognition Guidance, Revenue Recognition Management

Microsoft Dynamics Convergence

The Value is in the Connections

Visit SOFTRAX at Booth Number 2245

The premier event for the Microsoft Dynamics®Convergence is where opportunity and innovation meet to deliver real business value. It’s the chance to make key business connections and to discover the full potential of Microsoft Dynamics solutions. Register Today!

What’s in it for you?

• Discover how to maximize the full capabilities of Microsoft Dynamics solutions.

• Stay up-to-date on the latest Microsoft products and technologies.

• Make key business connections with peers, industry experts and Microsoft representatives.

• Explore the strategy and future plans for Microsoft Dynamics software.

Houston, TX | March 18 – 21, 2012

Register Today!

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Filed under Microsoft Dynamics 2012, Revenue Recognition Guidance, Revenue Recognition Management, Seminar, Softrax, Software Revenue Recognition, Summit

Revenue Recognition: Hope to Cope With the New Standards

- RevenueRecognition.com Contributor

The dust hasn’t yet settled on what the industry is calling the “iPhone rules” covering multiple-element revenue recognition, but CFOs need to get ready yet for yet another transition as FASB and IASB get set to converge on the topic.

The past decade or so has already seen a flurry of changing revenue recognition guidance, as regulators and standards setters scrambled first to catch up with dot.com bubble abuses and, ultimately, the changing nature of technology itself, as the old “pure” hardware/software rules became increasingly problematic in a world where everything from cell phones to aircraft to refrigerators was beginning to think for itself.

As a result, financial executives, along with their colleagues in IT, have had their work cut out for them. AICPA Statement of Position 97-2, Software Revenue Recognition, was issued in an era when software was not embedded in as many products as it is currently and has rapidly become out of date. Most recently, finance and IT have had to work together to keep up with FASB’s ASU 2009-13 and ASU 2009-14, which were effective for…

Read more >>
http://members.revenuerecognition.com/mk/get/REVRECVERIFY_NewStandardsNEW?RM=WP

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Filed under FASB, FASB/IASB Revenue Recognition, Financial Accounting Standards Board (FASB), Grant Thornton, International Accounting Standards Board (IASB), Revenue Recognition Guidance, Revenue Recognition Management, Softrax

The Governance Risk Management and Compliance Summit

Develop and Align an Integrated Control Framework

The GRC Summit will be held at the Hilton Back Bay, Boston MA on November 1-3, 2011. Hear from industry case studies and thought leaders across six workshops and four informational tracks. For more information please visit the GRC Summit at www.thegrcsummit.com.

In it’s 5th installment the 2011 GRC Summit has set out to provide an outlet for educating corporate decision makers on the value of a comprehensive GRC program and the many tenants that need to be addressed

 Developing and aligning your Governance Risk Management and Compliance framework involves the integration of multiple internal and external parts. The people process, and technology must work hand in hand with your corporate strategy in order to maintain efficient and effective business processes, and at the heart of this integration is education. The 2011 Governance, Risk Management and Compliance Summit will provide you with implementable solutions and best practices that will develop stability and growth within your GRC program, eventually creating value and ROI where it may have been lacking before.

 The GRC Summit will provide delegates with an opportunity to:

  • Discover a methodology that links operational decision-making and strategic planning in an integrated control framework.
  • Effectively bridge the gap between process and technology, aligning enterprise risk management, information technology, compliance, legal risk, and financial processes.
  • Mitigate systemic risk and regulations to navigate today’s challenging economy.
  • Connect with industry colleagues through our unique speed networking and interactive topic table presentations.

The conference will include discussions by industry thought leaders such as Michael Rassmusen and Ali Samad-Khan and will highlight GRC case studies presented by executives from corporations such as Constellation Energy, Biogen Idec, Ventura Foods, Ryder and many more.

The GRC Summit will be held at the Hilton Back Bay, Boston MA on November 1-3, 2011. Hear from industry case studies and thought leaders across six workshops and four informational tracks. For more information please visit the GRC Summit at www.thegrcsummit.com.

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Filed under Boston, MA, Revenue Recognition Guidance, Revenue Recognition Management, Seminar, Softrax, Software Revenue Recognition, Summit