As far back as 1934, our Congressional leaders have sought to create regulations that deter fraud and maintain a healthy economy. The Sarbanes Oxley Act (SOX), for example, was passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations. The act mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud, and was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and Worldcom.
Starting in 2018 for public companies and 2019 for private companies, businesses face another enormous change—ASC 606 and IFRS 15 revenue management guidelines from the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) will require companies to reallocate revenue each time a customer contract changes and defer expense recognition to align with the contract’s delivery.
Software and services companies will especially be affected by the upcoming ASC 606 and IFRS 15 guidelines. Intacct will be hosting a Twitter Chat where you can learn more, join the conversation, ask questions and share your insights. We’ll discuss:
- Will you be audit-ready?
- Are you preparing your finance team? Do you have a plan to lead your team?
- You will need to have an accurate view of your revenue and expense amortization based on both current and new guidelines. Will you be able to do the dual reporting required?
We’ll look at how businesses will be affected, how you should prepare your finance team, and why Intacct’s Contract and Revenue Management solution prepares you for the ASC 606 and IFRS 15 guidelines.
Join me on Tuesday, June 28, 9am PST to chat about the new accounting standards ASC 606 & IFRS 15. These new guidelines mean changes for your business and Intacct is equipped to get you ready. Join in using the event hashtag: #IntacctChat.
The new ASC 606 and IFRS 15 accounting standards—some of the most far-reaching changes to accounting since Sarbanes-Oxley—are only a few quarters away. Get ASC 606 Resources such as news, assets, and learn about the advantages Intacct provides in helping you address these changing rules with Intacct Contract Revenue Management and Contract and Subscription Billing.