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Contact:

Mei Li
Senior VP
Corporate Communications
NetSuite Inc.
Phone: 650.627.1063
E-mail: meili@netsuite.com

NETSUITE AND PROTIVITI HOST ONLINE EVENT TO DEMYSTIFY NEW ACCOUNTING RULES FOR REVENUE RECOGNITION

Event Offers Key Insights, Best Practices for Aligning Processes with New Requirements Driven by FASB Rules EITF 08-01 and EITF 09-03


SAN MATEO, Calif.—December 15, 2009—NetSuite Inc. (NYSE: N), a leading vendor of cloud computing business management software suites, today announced the details of a special online event designed to assist companies facing the daunting challenge of adopting major new Financial Accounting Standards Board (FASB) revenue recognition rules, known as EITF 08-1 and EITF 09-3.  The event, "EITF 08-01 is
Here—What It Means for Your Revenue Recognition Processes," will be co-hosted with Protiviti, the leading risk consulting and internal audit firm, and will feature presentations by two seasoned finance industry experts: Steve Hobbs, Managing Director at Protiviti, and Ron Gill, NetSuite Senior Vice President of Finance. The two will discuss the crucial details of the new FASB regulations, offer rule adoption advice, and present best practices for aligning processes with the new requirements.

The rules impose a new revenue recognition principle that requires greater separation of deliverables for most industries, including retailers, manufacturers, and software/technology firms. Initially, this process could be a significant undertaking, since it would require the identification and accounting for multiple performance obligations within a single customer contract.

This timely one-hour web seminar will be held Thursday, December 17, at 11:00 a.m. (PST) / 2:00 p.m. (EST). To register, please visit www.netsuite.com/revenue-recognition.

Specific topics covered in the online event include the following:

  • An overview of EITF 08-01 and EITF 09-03
  • Key considerations for planning adoption
  • Best practices for aligning your financial processes with the new rules
  • Cross-departmental considerations
  • What to look for in your financial and broader business systems.

Featured Presenters:
Steve Hobbs, Managing Director in Protiviti's San Francisco office, leads the firm's Finance and Accounting Excellence practice in the West. Steve has 27 years of experience providing professional financial audit and business consulting services to clients in various industries, primarily technology and consumer products entities. His extensive SEC practice experience and service to over 70 public companies positions him well to explain the intricacies of EITF 08-01 and the revenue recognition requirements of a diverse range of industries.

Ron S. Gill is Senior Vice President of Finance at NetSuite. For the past 20 years, Ron Gill has built an impressive career as a financial executive at some of the world's leading technology companies including Sony, Dell, SAP, Hyperion and Oracle in roles ranging from senior financial analyst to chief controller. He joined NetSuite in 2007.

About NetSuite
NetSuite Inc. is a leading vendor of cloud computing business management software suites. NetSuite enables mid-market companies and divisions of large enterprises to manage core business operations in a single system, which includes accounting / enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information. For more information please visit www.netsuite.com.

About Protiviti:
Protiviti is the leading company dedicated exclusively to risk consulting and internal audit. We help our clients seize new opportunities for growth and profitability while protecting them from their risks. We work with more than 25 percent of the FORTUNE 500®. Our 3,000 professionals in more than 60 offices worldwide bring powerful insights and proven delivery with a customized blend of competencies to every project.

 

NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.