Revenue Recognition Blog

What PSO’s need to do to prepare for new Revenue Recognition Standards

[fa icon="calendar'] Nov 13, 2017 12:35:19 PM / by Tonia Steciuk posted in Revenue Recognition, ASC 606, IFRS 15

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So the holiday season is just around the corner. Right around the second corner in the New Year, new revenue recognition regulations will be in front of us. Honestly. Really. 2018 is lurking in the hallway and there’s no avoiding it.

When talking to professional services organizations on a daily basis, Changepoint’s Director of Product Management, Greg Davidson, has come across many who still do not have enough information or do not clearly understand if there is an impact (or what the impact is). Or even avoiding it, hoping down the road someone will make it simpler! Although the pace has picked up considerably as we approach the effective date of 1 January 2018, there are still many organizations that need to ramp up their preparation.

Greg will be co-presenting a live webinar on November 16 (9am PSF / 12pm EST / 6pm CET) along with Jeff Halden from Softrax to address the impact of the new revenue recognition standard on PSO’s.

During the webinar, he’ll talk you through the ‘Five Step Framework’ of Revenue Recognition and highlight key areas of concern for PSO’s such as the treatment of revenue and how Professional Services Automation can help you better manage revenue recognition.

Happy Holidays!

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Three ways to identify IFRS 15 and ASC 606 variable considerations

[fa icon="calendar'] Jul 31, 2017 8:43:52 AM / by Ali Almohashi, MSA, CMA posted in Revenue Recognition, ASC 606, IFRS 15, Variable Consideration

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IFRS 15 and ASC 606 provide a five-step model for recognizing revenue. Step 3 requires that at the beginning of the contract, and at each reporting period, the entity has to determine the amount of consideration to be entitled to.

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