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    08 / 25 / 2014

    Understanding the new revenue recognition standard

    by John Silver

    new revenue recognition standardFrom Intacct's View from the Cloud Blog: the New Revenue Recognition Standard 

    Here at Intacct we have been closely following the release of the new converged revenue recognition standard – not only because our software solution helps companies address the complexities of revenue management. Also, as a software company, the new revenue recognition standard will have a pervasive impact on our accounting and business processes. In this two-part blog series, I will provide a short introduction to the standard and offer some helpful resources that will get you started on the journey towards full adoption to meet your revenue performance obligation. In addition, we will look at some specific examples from the latest industry guidance on how the new standard will impact software companies in particular.

    For years, accounting for revenue recognition has been regulated by a plethora of industry specific guidance issued by the Financial Accounting Standards Board and supplemented by quasi-GAAP guidance from the SEC, American Institute of Certified Public Accountants (AICPA), and accounting firms. With the issuance of the converged standard, all the transaction and industry specific guidance for the software industry is going away and will be replaced by a single five step principle-based approach.

    The best short introduction of this new approach that I have seen comes from Intacct...read more

    At AcctTwo, we’re always happy to benefit from the wisdom of Intacct’s blog. Follow the links above to find out more about the new revenue recognition standards. You can also download a white paper on the subject here:


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