TODAY’S NEWS
New Revenue-Recognition Rules: The Apple of Apple's Eye?
What did people say about the proposed revenue recognition model?
CFO Briefing: Transition to XBRL
FASB Issues Highly Anticipated New Revenue Recognition Rules
After much deliberation FASB issued new guidance for revenue recognition on two highly controversial issues: Is there an alternative to VSOE and do software components of tangible products trigger software revenue recognition rules? FASB’s new Accounting Standards Update, ASU 2009-13 and ASU 2009-14 (formerly know as EITF 08-1 and EITF 09-3), take those issues head on. >> Read more.
Read more about the new rules in these RevenueRecognition.com articles:
Seismic Shift in SOP 97-2 - New ASU 2009-14 (EITF 09-3) - RevenueRecognition.comEITF 00-21 Replaced – New ASU 2009-13 (EITF 08-1) Allows for Estimated Selling Price – RevenueRecognition.com
New Revenue Recognition Rules - Implications for BioTech Companies - Aftab Jamil, Audit Partner at BDO Seidman
The new revenue recognition guidance for multiple-element arrangements has also had a strong impact on the biotech industry, which relies heavily on long term strategic and collaboration arrangements with pharmaceutical companies to finance product development efforts. This article authored by Aftab Jamil, audit partner at BDO Seidman, outlines the unique challenges facing biotech companies and how they can navigate through the most significant revenue recognition challenges to avoid complicated and undesirable accounting consequences. >> Read more.
Is a Subscription Accounting Model Right for You? –Dave Wood, Contributing Writer
Accounting For Concessions: How Great Customer Service Can Come Back To Haunt You –Dave Wood, Contributing Writer
Revenue Policy Alignment – A Critical Factor for Accurate Financial Reporting – Dave Wood, Contributing Writer
What’s the Big Deal about VSOE?– RevenueRecognition.com
SEC’s Interpretive Guidance for Management– RevenueRecognition.com
Fundamentals in Software Revenue Recognition– RevenueRecognition.com
A New Model for Revenue Recognition
RevenueRecognition.com recently surveyed senior financial executives from 515 companies about the FASB/IASB proposal for a new revenue recognition model. The RevenueRecognition.com research team worked with staff members of the FASB and IASB revenue recognition project to find out how some of the major changes might be received by the corporate finance and accounting professionals charged with implementing them.
>> Read more.
EITF 08-9: Milestone Method of Revenue Recognition
– RevenueRecognition.com
On April 7, 2009 the EITF published a draft abstract of EITF 08-9, "Milestone Method of Revenue Recognition." If approved, EITF 08-9 will introduce a new method of revenue recognition that allows vendors to recognize the revenue associated with a contractual incentive or bonus at the time that obligation is fulfilled instead of systematically over the time of the contract. >> Read more.
Synopsis of FASB & IASB Preliminary Views on Revenue Recognition
– RevenueRecognition.com
After more than six years of deliberation, the Financial Accounting Standards Board and the International Accounting Standards Board have published their preliminary views on a new model for revenue recognition.
This article offers a brief synopsis of the major points. >> Read more.
Revenue Recognition: an IFRS "Hot Spot"
This article outlines the key differences in the standards and provides a step-by-step approach to managing change as the fundamentals regarding revenue recognition and reporting are reformulated. >> Read more.
IFRS no Relief for Risk and Complexity in Revenue Reporting
A 2008 RevenueRecognition.com survey of 652 businesses in the US and 34 other countries found that revenue reporting processes are ranked number one for risk and complexity irrespective of reporting standards, and that IFRS when adopted will not simplify revenue reporting for US companies. >> Read more.
Laying the foundation for automating revenue accounting
This white paper from BearingPoint and Softrax explains why companies should automate their revenue processes, and how to successfully manage each phase of the implementation process from strategy to scope, design, and execution. >> Read more.
34% of Companies at High Risk for Revenue Reporting Errors
A recent survey by RevenueRecognition.com in association with IDC of senior financial executives from 586 companies, found that companies rate revenue recognition accounting as having the greatest risk for errors and inaccuracies by a margin of three to one over other key finance and accounting processes. >> Read more.
Stock Prices Plunge by an Average of 10% Around 
Revenue Recognition Restatements
Revenue recognition restatements wipe out on average 10% of a company’s market value according to a new study by Audit Analytics. The study measured market reaction from 50 days before until 50 days after the announcement. >> Read more.
New Online Tool Gauges Revenue Reporting Risks 
Are there hidden risks lurking in your revenue reporting process? This new online tool will guide you through a step by step assessment of all the revenue related activities in your business. It generates a completely customized, comprehensive report that highlights key issues, provides recommendations, and explains what increases your risk and why. As a result you will:
- Get an enterprise view of revenue reporting
- Expose previously hidden weaknesses
- Reduce the potential for errors and compliance issues
Product Roadmaps: Danger Signs for Revenue Recognition
Revenue Recognition Restatements Increase 42% as Basic Accounting Errors Plague Reporting – Social Science Research Network
Adding Compliance Solutions to your ERP Systems – Compliance Week
57% of public companies cannot finalize their revenue numbers within their monthly close process – RevenueRecognition.com
92% of Public Companies' Revenue Processes at Risk for Compliance Failures and Restatements –RevenueRecognition.com
Need Answers to Your Revenue Recognition Issues?
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Recent discussions:
- IASB and GAAP What are the most significant differences between GAAP and the International Accounting Standards, where is that headed? 8 replies
- VSOE and FMV Could someone spend a moment on the difference between VSOE and fair value and when one might apply versus the other? 6 replies
- Contract Accounting:What are the considerations for determining if two contracts are linked? 4 replies
The Revenue Recognition Challenge
As seen in CFO Magazine and recommended by SoftwareCEO.com, The Revenue Recognition Challenge is an educational and thought-provoking online game from RevenueRecognition.com. It’s a great way to test your knowledge and educate your organization about revenue recognition. >> Start now.
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This Just In
Seismic Shift in SOP 97-2 - New ASU 2009-14 (EITF 09-3)
EITF 00-21 Replaced – New ASU 2009-13 (EITF 08-1) Allows for Estimated Selling Price
Most Popular
Laying the foundation for automating revenue accounting
SOP 97-2: Current Issues in VSOE Accounting
EITF 00-21: Revenue Arrangements with Multiple Deliverables
Webcasts
EITF
08-1 & 09-3: Planning for Implementation
Sponsored by Softrax
Update on IFRS – the changes coming
EITF 08-1 & EITF’s Recent Deliberations
Case Study
Automating Revenue Processes to Integrate Acquisitions
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