TODAY’S NEWS
IFRS for Small and Medium-sized Entities
PCFRC Works on Revenue Recognition
PCAOB Delays Foreign Firm Inspections
READER POLL
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.
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.
Debrief on EITF 08-1: Revenue Arrangements with Multiple Deliverables
– RevenueRecognition.com
The latest EITF Issue for revenue would modify EITF 00-21. Changes include modified criteria for separating multiple elements and limited use of estimated prices - which would permit many more elements to be recognized as separate accounting units potentially accelerating the recognition of revenue for delivered units.
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.
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.
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.
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.
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.
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.
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
Is a Subscription Accounting Model Right for You?
Subscription accounting is increasingly being used by many different businesses – both consumer and B2B – to extend customer relationships, smooth revenue growth, bring innovative products and services to market, as well as supplement more traditional offerings. Find out if this approach will work for your business.
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
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?
Join today and tap into the wealth of expertise our user community has to offer. You’ll have the opportunity to exchange ideas with experts from corporate finance; leading accounting, auditing, and consulting firms; as well as regulatory agencies.
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.
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Risk Assessment
Our new checklist assesses the risk in your reporting processes. Start Now.
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