NetSuite's Innovative Business Software Can Help Companies Comply with New FASB Rules
August 27, 2010
By Beecher Tuttle, TMCnet Contributor
NetSuite IncEITF 08-01 and EITF 09-03. , a leading vendor of cloud-based business software, recently announced that it will host three special seminars over the next month to educate companies on the specifics of Financial Accounting Standards Board (FASB) regulations for revenue recognition of multi-element sales, known as
The events are designed to enlighten business leaders about specific strategies and processes that will help their companies comply with revenue recognition rules before the mandated deadline. The seminars will also give executives a better understanding of the innovative business software solutions that have recently been developed to automate revenue recognition.
"Any company selling products or services delivered at different times can be affected by these new accounting requirements," said Jim McGeever, CFO at NetSuite (News - Alert). "It is vitally important that all companies understand their compliance requirements before the rules come into effect."
Leading the events will be McGeever and NetSuite CFO Ron Gill. They will be joined by a host of other industry experts from Deloitte (News - Alert), KPMG, Hein & Associates LLP, Protiviti and Proformative, who will detail how FASB rules will transform various accounting and business practices.
Presenters will also instruct attendees on how to best calculate revenue allocations, centralize control and compliance monitoring, generate full audit trials and diminish the manual effort that is currently needed for revenue recognition.
Furthermore, those who attend the events will have the opportunity to view a live demonstration of NetSuite’s Advanced Revenue Recognition cloud technology, which is designed to improve the efficiency of the revenue accounting process.
NetSuite’s new offering is a cloud-based solution which allows companies to ensure that they are in compliance with the new regulations without having to install new servers or any supplementary software.
Those who are interested in learning more about the seminars can click here.
The next two events will take place on Tuesday, Aug. 24 at the Westin Waltham in Boston, Mass., and on Thursday, Sept. 16 at the Barton Creek Resort and Spa in Austin, Texas.
Beecher Tuttle is a Web Editor for TMCnet. He has extensive experience writing and editing for print publications and online news websites. He has specialized in a variety of industries, including health care technology, politics and education. He received his bachelor's degree in English from the University of Colorado.