Mastering Your Transition to ASC-606 IFRS-15
•Transferir como PPTX, PDF•
2 gostaram•671 visualizações
Intacct can help you master your transition to ASC-606 and IFRS-15. If spreadsheets are part of your revenue recognition and billing processes, you are headed into a “perfect storm” of regulatory change. To adopt these new guidelines, you need a financial system that’s supports this critical transition. Learn how Intacct's best-in-class cloud ERP solution can improve your transition by: --Automating the dual reporting that's necessary to both stay compliant and understand the impact of the changes on your results --Tracking performance obligations even as your billing, packaging, and pricing models evolve --Addressing all the new rules for revenue reallocation and expense amortization with automation, not spreadsheets
Recomendados
Recomendados
Mais conteúdo relacionado
Mais procurados
Mais procurados (20)
Destaque
Destaque (16)
Semelhante a Mastering Your Transition to ASC-606 IFRS-15
Semelhante a Mastering Your Transition to ASC-606 IFRS-15 (20)
Mais de Intacct Corporation
Mais de Intacct Corporation (14)
Último
Último (20)
Mastering Your Transition to ASC-606 IFRS-15
- 1. Master Your Transition to ASC 606 and IFRS 15
- 2. 2 Preferred Provider Business Solutions Topics • ASC 606 summary and transition challenges – Changing guidelines – Effective dates
- 3. 3 Preferred Provider Business Solutions ASC 606: The Most Significant Changes in Decades …and pressing The changes are sweeping… Significant management judgment on accounting for revenue recognition will now be required, and the changes will have pervasive impacts on people, policies, processes and systems. - “New Rules Impact Financial Statements and Reporting,” PwC ”“ The time necessary to achieve a successful implementation should not be underestimated. - James Schnurr, Staff Accountant, SEC ”“
- 4. 4 Preferred Provider Business Solutions ASC 606 Summary • Replaces all industry specific guidance • No more VSOE for software companies • 5 step principle-based process Changing Guidelines: • New rules increase amount of judgement • Need for systematic approach to performance obligations Impact on Internal Controls: • Periods on or after December 15, 2017 (public) and 2018 (private) • Applied retrospective or as cumulative catch up Effective Dates:
- 5. 5 Preferred Provider Business Solutions ASC 606: Changing Guidelines Accounting Similarities • Expense amortization • Revenue amortization • Revenue reallocation Accounting Differences • No more recognizing revenue on cash receipt • Focus on single customer contract • More frequent reallocation • More frequent expense deferral All active contracts must be stated under existing recognition guidelines until transition, then under new guidelines after transition.
- 6. 6 Preferred Provider Business Solutions 2016 2017 2018 2019 ASC 606: Effective Date 12/15/2018 private Annual Periods
- 7. 7 Preferred Provider Business Solutions 2016 2017 2018 2019 ASC 606: Effective Date 12/15/2018 private Annual Periods 12/15/2017 public
- 8. 8 Preferred Provider Business Solutions 2016 2017 2018 2019 ASC 606: Effective Date 12/15/2018 private Annual Periods 12/15/2017 public Subscription Term
- 9. 9 Preferred Provider Business Solutions 2016 2017 2018 2019 ASC 606: Effective Date 12/15/2018 private Annual Periods 12/15/2017 public Subscription Term Dual Reporting (Public)
- 10. 10 Preferred Provider Business Solutions ASC 606 for Subscription Companies - Challenges Reallocations for contract changes Regular deferral of expenses No more revenue recognition on cash receipt Impacts on forecasting Dual reporting during transition Are you READY?
- 11. 11 Preferred Provider Business Solutions Coping Using Typical Measures Will Be Impossible Revenue forecasting Dual reporting during transition Regular deferral of expenses Reallocations for contract changes
- 12. 12 Preferred Provider Business Solutions Coping Using Typical Measures Will Be Impossible Billing Accounting Forecasting Contract Revenue forecasting Dual reporting during transition Regular deferral of expenses Reallocations for contract changes
- 13. 13 Preferred Provider Business Solutions Business growth Coping Using Typical Measures Will Be Impossible Billing Accounting Forecasting Contract Revenue forecasting Dual reporting during transition Regular deferral of expenses Reallocations for contract changes
- 14. 14 Preferred Provider Business Solutions Business growth Coping Using Typical Measures Will Be Impossible Billing Accounting Forecasting Contract Revenue forecasting Dual reporting during transition Regular deferral of expenses Reallocations for contract changes
- 15. 15 Preferred Provider Business Solutions INTACCT CONTRACT AND REVENUE MANAGEMENT Automation and controls for your transition to ASC 606 Intacct Contract and Revenue Management Contract Business growth Revenue forecasting Dual reporting during transition Regular deferral of expenses Reallocations for contract changes
- 16. 16 Preferred Provider Business Solutions Deep Automation for ASC 606 Complexities Dual Treatment Current and new revenue recognition rules simultaneously
- 17. 17 Preferred Provider Business Solutions Deep Automation for ASC 606 Complexities Dual Reporting To prepare TODAY for the upcoming changes
- 18. 18 Preferred Provider Business Solutions Deep Automation for ASC 606 Complexities Expense Management Link to specific line items or overall contract for amortization
- 19. 19 Preferred Provider Business Solutions Demonstrate Controls for ASC 606 Contract-based Architecture Organize performance obligations, drive billing and reporting
- 20. 20 Preferred Provider Business Solutions Intacct: Only Seamless Solution to Complexity ORDER BILLCONSOLIDATE REPORT CPQ EXPENSE RECOGNIZE Customer Contract
- 21. 21 Preferred Provider Business Solutions Reporting and Analytics Subscription Billing Expense Management Revenue Management Intacct: Only Seamless Solution to Complexity ORDER BILLCONSOLIDATE REPORT CPQ EXPENSE RECOGNIZE Customer Contract
- 22. 22 Preferred Provider Business Solutions Thrive in Subscription Economy Reporting and Analytics Subscription Billing Expense Management Revenue Management Intacct: Only Seamless Solution to Complexity ORDER BILLCONSOLIDATE REPORT CPQ EXPENSE RECOGNIZE Customer Contract
- 23. 23 Preferred Provider Business Solutions Thrive in Subscription Economy Master Accounting Transition Reporting and Analytics Subscription Billing Expense Management Revenue Management Intacct: Only Seamless Solution to Complexity ORDER BILLCONSOLIDATE REPORT CPQ EXPENSE RECOGNIZE Customer Contract
- 24. 24 Preferred Provider Business Solutions Interested in Learning More? • Try Intacct with a free 30-day trial http://www.intacct.com/trial • Attend an upcoming webinar http://www.intacct.com/webinars • Follow us on Twitter @intacct • Connect with us on Facebook http://www.facebook.com/Intacct • Contact us directly info@intacct.com | 877-437-7765
- 25. Thank you! INTACCT CORPORATION info@intacct.com | www.intacct.com | 877-437-7765