During a Tensoft webcast entitled “Revenue Recognition Accounting for Software as a Service (SaaS)”, guest presenter Jeffrey Werner was asked the following question: How are you seeing the “Best Estimated Selling Price” working in practice, especially where there is no pricing history and management doesn’t establish firm pricing methodologies? Should we just bundle everything together […]
Implementing ASC 606: Potential Changes to Subscription Based Revenue Recognition
Welcome to Tensoft’s- Implementing ASC 606, the new revenue recognition standard and some of the changes to SaaS and Subscription based revenue recognition models for technology companies. My name is Jeffrey Werner, I am with the Werner Consulting Group, the revenue recognition consulting practice. Here’s some of the potential changes that SaaS and subscription services […]
How to Be Ready for the New Revenue Recognition Standard?
This free webcast on how to be ready for the new revenue recognition standard was hosted by Tensoft and presented by Silicon Valley software revenue recognition expert, Jeffrey Werner. The following is a partial transcription of the beginning of the recording below: “Today we are going to talk about the new FASB IASB revenue recognition […]
Revenue Recognition for Services and Contracts
Missed Tensoft’s complimentary webcast on “Revenue Recognition for Services and Contracts”? Here’s an excerpt from that, followed by a recording of the entire event: “So what we will be looking at today is the various types of services and contracts that technology companies run into, so time and materials type of contracts, work on the […]
Managing the Requirements for Multinational Operations at Start-ups and Smaller Companies
Tensoft has been located in Silicon Valley for many years, and over time I have observed the development of this hub of technology companies. Despite growing costs, Silicon Valley has remained the central location for high tech for many reasons, including the mobility of information, funding, support systems, people, and culture. However, for a variety […]
Free and CPE-Eligible Training Webcasts for Tensoft Customers
It’s that time of the year again, when the hot summer days dip into brisk autumn. While you may be tempted to stay in on these cool, rainy days, you can remain productive with some free training! Tensoft provides free training opportunities for finance, operations, customer service and sales professionals on a regular basis. If […]
How to Stay Current on the New Standards for Revenue Recognition
In today’s increasingly complex financial and regulatory environment, it can be challenging to stay current on the latest accounting guidance, and particularly on updates for the new standards for revenue recognition. To get a sense of how accounting and finance professionals are doing that today, I queried members of a popular online forum, Proformative, about […]
What Would Paul Revere Shout about Revenue Restatements?
Paul Revere is most famously known for “The Midnight Ride” and his repeated warnings, “The redcoats are coming!” As it relates to the idea of improper revenue recognition, we opine his prescient chants would proclaim “The red ink is coming!” at the dawn of the restatement announcement. In a previous blog, we recently profiled Osiris […]
A Question on Stand-Alone Value for Delivered and Undelivered Items in a Multiple Element Arrangement
During one of the complimentary revenue recognition webcasts that I teach through Tensoft, an attendee asked the following question about the guidelines for multiple-element arrangements and the criteria for stand-alone value: “If I understand this correctly, only the ‘delivered item’ needs to have stand-alone value; the ‘undelivered item’ does not need to have stand-alone value […]
What would Benjamin Franklin say about Revenue Recognition?
The quote “An ounce of prevention is worth a pound of cure” is as prudent today as first written by American forefather Ben Franklin. As it applies to revenue recognition, the axiom is a truth we (at Tensoft) hold to be self-evident. Yet according to a 2014 report by Audit Analytics, revenue recognition accounted for […]