Revenue Recognition in the Software Industry (Podcast)

In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their much-anticipated converged standard on revenue recognition. The new guidance will affect almost every entity that recognizes revenue from contracts with customers. Organizations need to start now to gain an understanding of the new rules; determine how those rules affect their specific issues relating to the recognition, measurement, and disclosure of revenue from contracts with customers; and develop plans and strategies for adopting the new rules as effectively and efficiently as possible.

Because the new joint accounting standard on revenue recognition will affect software companies, financial executives need to determine the impact the standard will have on their organizations.