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Massey Consulting Part of Expert Panel to Review Revenue Recognition ASC 606 and IFRS 15 ChangesRALEIGH, N.C., Sept. 27, 2016 /PRNewswire/ -- Massey Consulting (http://www.masseyconsulting.net/) will be co-hosting an event, "ASC 606 – Ensure Your Growth By Being Compliant" in Research Triangle Park on Oct. 19, 2016. The morning event will focus on the upcoming accounting changes ASC 606 and IFRS 15 and will feature speakers from Hughes Pittman & Gupton LLP, Massey Consulting and River Cities Capital Funds. This event is for CFOs and accounting professionals whose accounting processes and financial reporting will require change due to upcoming ASC 606 and IFRS 15 changes. Who will be affected by the new guidance? The FASB website (fasb.org) states, "The new guidance on revenue recognition affects any reporting organization that either enters into contracts with customers to transfer good or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts)." ASC 606 – Ensure Your Growth By Being Compliant Breakfast refreshments will be served. Panelists include:
"Software as a Service (SaaS) providers will definitely be impacted by the new guidance," says Massey Consulting founder, Philip Massey, CPA. "The change establishes a 5-step process for revenue recognition: identify contracts signed with customers; identify timing of separate performance obligations in each of those contracts; determine the transaction price of the contract; allocate the transaction price to each of the performance obligations; and plan for and recognize revenue as performance obligations are satisfied." The event will help CFOs and accounting professionals understand the changes and assess their readiness meeting the new guidance. "Analysts, who have reviewed the depth of the changes, are cautioning that trying to manage the changes through Excel spreadsheets is not advised," said Massey. "Companies relying on Excel spreadsheets to prepare financial statements will see their workload significantly increased with the change, which is why we will be showing a more robust reporting software alternative available to businesses." About Massey Consulting: LOGO: Send2Press.com/mediaboom/16-0927s2p-massey-300dpi.jpg This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com Logo - http://photos.prnewswire.com/prnh/20160926/412097LOGO
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