On September 11, 2018, FloQast announced multi-book accounting capabilities designed to help organizations to support ASC 606 compliant financial closes by supporting dual reporting on revenue recognition and related expenses. As Amalgam Insights has covered in prior research, ASC 606/IFRS 15 standards for recognizing revenue on subscription services are currently required for all public companies…
Over the next couple of months, keep an eye or ear out for Amalgam Insights as we show up at an event or webinar near you. Catch up with us at the following times:
- August 31: BrightTalk Webinar: Eight Telecom Expense Solutions Gartner Missed
- September 12-14: AI in San Francisco attending Looker’s Join 2017
September 26: Webinar: Machine Learning, Design Thinking, & the Role-Based Expert Enhancement Platform
September 27-28: AI in New York City attending O’Reilly Media’s Strata/Hadoop
October 3-4: AI in Indianapolis attending MOBI’s Untethered Summit
October 17-19: AI in Las Vegas attending Intacct Advantage
October 26: Webinar: Making the Leap from TEM to IT Management
What am I missing? Where else should I be? Let me know!
For more details on how to meet up with AI or to attend one of our events, look below!
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Note: To read Part 1 of Amalgam’s coverage of Microsoft’s ASC 606 adoption, please check how Microsoft Early Adopts New ASC 606 Revenue Recognition Standard.
Recommended Audience: CFO, Chief Revenue Officers, CIOs, COOs, IT Finance, Sales Operations seeking to understand how ASC 606 revenue recognition changes will affect their responsibilities.
On August 3rd, 2017, Microsoft held an investor metrics conference call led by:
- Chris Suh – GM, Investor Relations
- Frank Brod, Chief Accounting Officer
- John Seethoff, Deputy General Counsel and Corporate Secretary
There have been multiple acquisitions and announcements in the revenue recognition space as IT vendors ensure that they can support the ASC 606 standard including:
Note: This topic is of key importance for CFOs using or considering a subscription-based business model and for CIOs tasked with aligning technology to revenue recognition. Part 2 of this topic is 4 Key Executive ASC 606 Lessons Microsoft is Teaching Us.
On July 20, 2017, Microsoft announced a very successful Q4 FY17 where they announced both successful GAAP and non-GAAP results.
· Revenue was $23.3 billion GAAP, and $24.7 billion non-GAAP
· Operating income was $5.3 billion GAAP, and $7.0 billion non-GAAP
· Net income was $6.5 billion GAAP, and $7.7 billion non-GAAP
· Diluted earnings per share was $0.83 GAAP, and $0.98 non-GAAP
But the part that got my attention was a relatively minor 2 paragraph note near the bottom of the earnings announcement on ASC 606 revenue recognition:
Continue reading “Microsoft “Early Adopts” New ASC 606 Revenue Recognition Standard”