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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
After participating in this event you will be able to:


Define how the new revenue recognition regulations will impact y...
Proformative is the largest and fastest growing online resource
for senior level corporate finance, treasury, and accounti...
THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Albert Ryan
Principal Solution Consultant, NetSui...
NetSuite Background
Background

Performance

Founded 1998
Publicly traded on NYSE: “N”

World’s most deployed cloud
busine...
Why is Revenue Recognition Important?
Why is Revenue Recognition Important?

•
•
•
•

•
Revenue Recognition is Audit High Risk
THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Ivan Makarov
Controller, SmugMug
SmugMug Background
•

•
•
Revenue Environment at SmugMug
•

•

•

•

•

•
Drivers for a Change Managing Rev Rec
Financial
Reporting
• Increase
accuracy
• GAAP
documentation
• Support for
external
...
Revenue Recognition Challenges

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–
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Taming Revenue Recognition: Best Practices to Ensure Compliance
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Taming Revenue Recognition: Best Practices to Ensure Compliance

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Video & Slides: http://www.proformative.com/events/taming-revenue-recognition-best-practices-ensure-compliance

The dynamic regulatory landscape of revenue recognition is challenging for most companies. FASB/IASB regulations continue to evolve with the recently revised exposure draft that will be applicable to most businesses. CFO's need to stay ahead of these evolving statutory requirements to ensure that their financials and their ERP systems can and will adhere to the changing standards. Join us to discover how your company can create best practices based revenue recognition processes, and get the facts about the latest revenue recognition regulations and their impact from revenue recognition experts and your peers. Hear practical lessons from both a publicly traded company and a private firm that have focused on creating end to end revenue recognition process, and find out how they have successfully implemented the latest revenue recognition rules and standards.

Published in: Economy & Finance, Business
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  • Replaying Ivan’s comments on what leads to a “controller’s worst nightmare”
  • Transcript of "Taming Revenue Recognition: Best Practices to Ensure Compliance"

    1. 1. THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
    2. 2. After participating in this event you will be able to:  Define how the new revenue recognition regulations will impact your business processes and accounting and financial systems, and what you can do to prepare for adoption of these regulations.  Determine how to overcome some of the internal challenges that compound the complexity of revenue recognition, including distributed processes, systems and personnel.  Develop practical approaches to more accurately calculate revenue allocations, reduce manual reconciliations, establish centralized controls and compliance monitoring, ensure full audit trails.  Understand how to approach the revenue reconciliation challenges that arise with multi-element arrangements, and practical approaches for managing deferred revenue.
    3. 3. Proformative is the largest and fastest growing online resource for senior level corporate finance, treasury, and accounting professionals. A resource where corporate finance and related professionals excel in their careers through:  Uniquely valuable, online Peer Network  Direct subject-matter-expert advice  Valuable Features and Resources All of it completely noise-free Check it out at www.proformative.com
    4. 4. THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS Albert Ryan Principal Solution Consultant, NetSuite
    5. 5. NetSuite Background Background Performance Founded 1998 Publicly traded on NYSE: “N” World’s most deployed cloud business management solution Offices in 11 countries Used by 16,000+ organizations $308M+ revenue Top 10 highest growth ERP solution according to Gartner and IDC 1,500+ employees Cloud ERP Suite
    6. 6. Why is Revenue Recognition Important?
    7. 7. Why is Revenue Recognition Important? • • • • •
    8. 8. Revenue Recognition is Audit High Risk
    9. 9. THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS Ivan Makarov Controller, SmugMug
    10. 10. SmugMug Background • • •
    11. 11. Revenue Environment at SmugMug • • • • • •
    12. 12. Drivers for a Change Managing Rev Rec Financial Reporting • Increase accuracy • GAAP documentation • Support for external auditors Business Growth • New subscription volumes growing • Renewal volumes also increasing Lack of Automation • 1,000+ transactions daily • Managing spreadsheets no longer feasible • Strong desire to invest in technology vs. people
    13. 13. Revenue Recognition Challenges – – – – –
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