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Business Insights - June 2016
How ASC 606 and IFRS 15 is Impacting Almost Every Business
The new ASC 606 and IFRS 15 revenue management guidelines will have a major impact on public companies in 2018 and private companies in 2019. 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. As a result, contract add-ons and renewals must be integrated into a single contract and will trigger re-allocations across both past and future periods, causing continuous revisions to revenue allocations and expense alignment. 
Why You Should Take Action Now 
Many organizations might think there’s plenty of time to meet this new standard. However, the influence of the new guidelines will impact companies much earlier, as any customer contract that extends beyond the start date will be effected. For example, if you are a public company using two-year contracts, you will be impacted immediately. Most companies will need to recast prior-period financial statements using the new guidelines in advance of the start date in order to provide proper comparative and future guidance to investors.
Contact The Resource Group to learn how you can help prepare your business for ASC 606 and IFRS 15 with the right technology solutions.
When is it Time to Say Goodbye to QuickBooks?
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How to Tell if Your Business Software Needs Replacing
Distributors Technology Luncheon:
Becoming a Best-In-Class Distributor by Using Technology to Optimize 3PL and EDI

Wednesday, July 20
11AM  - 1:00 PM

The Resource Group
600 SW 39th Street, Suite 250
Renton, WA 98057
 

Today's best-in-class distributors have recognized the changing market and are proactively investing to control their future. They are forecasting supply and driving demand to maximize profit margins and minimize operational costs. These best-in-class distributors are redesigning processes by investing in technology. 

 

Attend our complimentary luncheon to learn how best-in-class distributors optimize 3PL and EDI to enhance the performance of their business.

The Resource Group Has Been Selected by Seattle Business Magazine as one of the 100 Best Places To Work For 2016
 
Seattle Business magazine honored its 100 Best Companies to Work For at an awards dinner on June 23, 2016, at the Washington State Convention Center.
 
The winners, hailing from cities all across the state of Washington, were chosen based on extensive confidential surveys completed by employees. The Resource Group placed 19 out of 28 small companies recognized at the event. Read more...
 
Learn More About Intacct and Microsoft Dynamics GP Financials

Contact The Resource Group to learn more about moving to your next financial accounting software system, integrating business software applications or custom software and web development.  Call us at 425.277.4760 or email info@resgroup.com

 
Business Insights is brought to you by The Resource Group, an Intacct and Microsoft Dynamics GP Partner, helping businesses select their next financial management accounting software solution. 


The Resource Group | 600 SW 39th St., Ste. 250, Renton, WA 98057 | 425.277.4760 |
www.resgroup.com
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