Solving for ASC 606

Watch the videos below to see how NetSuite helps prepare your business for the new rev rec standard.


Prepare for the Transition to ASC 606 with NetSuite

How NetSuite Helps Your Company Comply with ASC 606

ASC 606 is meant to standardize revenue recognition practices across both public and private companies that have become complicated and inconsistent in today’s subscription-based economy. According to industry experts, ASC 606 affects when business can count revenue. NetSuite is a subscription-based company and has learned how to deal with these challenges, then baked those best practices into its software.

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Rev Rec Series Part 1: Interview with NetSuite Global Controller Mike Forman

Rev Rec Series Part 1:

Financial Expert Explains What ASC 606 Means for You and How to Prepare

As its onetime global controller, Mike Forman aided NetSuite’s exponential growth from $18 million to more than $1 billion in revenue. Mike introduces a unique approach to adopting new regulations and explains the importance of adopting early. ASC 606 is a move toward a principles-based framework and away from industry and transaction-based requirements. The new rule requires more quantitative and qualitative disclosures to help others understand how a company reached that revenue number and Forman discusses a five-step model for revenue recognition. At the end of the webinar, Forman answered a number of questions about ASC 606 from companies just like yours.

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Rev Rec Series Part 2: KPMG Insights on ASC 606

Rev Rec Series Part 2:

KPMG Insights on ASC 606

Watch this live interview with Prasadh Cadambi of KPMG to understand the impact of the new rev rec standard ASC 606 through the lens of an auditor. Prasadh reiterates the importance of getting a plan in place and how important it is for companies to stay ahead of the curve. Take a deeper dive into what processes and controls are going to be required to implement within the adoption of ACS 606.

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Rev Rec Series Part 3: Wall Street’s take on ASC 606

Rev Rec Series Part 3:

Wall Street’s take on ASC 606

As private companies embark on the journey to go public, investors are looking for a proactive attitude towards ACS 606 along with a reliable track record. These companies are making strides to maintain investor confidence in order to prove readiness for larger investments. Jason Maynard, SVP Strategy & Marketing at NetSuite, interviews Kash Rangan, Managing Director at Merill Lynch, on the work he’s done with the public companies to prepare for the new standard, and the impact Wall Street is expecting it to have.

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Rev Rec Series Part 4: NetSuite Advanced Revenue Management

Rev Rec Series Part 4:

NetSuite Advanced Revenue Management

NetSuite’s modern cloud solution streamlines revenue accounting and facilitates compliance with ASC 606. Regardless of what product or service a company provides, NetSuite automates revenue forecasting, allocation, recognition, reclassification and auditing through a rule-based event handling framework. Ensure all revenue is properly represented on financial statements with NetSuite Advanced Revenue Management.

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NetSuite Knows 606

NetSuite Knows 606

The move to ASC 606 is here! Allow NetSuite to help your business transition seamlessly and see how we have done the same for our incredible customers. NetSuite’s new Advanced Revenue Management solution streamlines the revenue accounting function to ensure compliance with current and future FASB and IFRS guidelines. Learn more on how to best safeguard your accounting department with assurance they will stay in compliance with updated 606 regulations.

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Prasadh Cadambi on ASC 606 and NetSuite

KPMG Partner Describes Far-Reaching Effects of New Accounting Standard

The Financial Accounting Standards Board and International Accounting Standards Board worked together to establish global rules for revenue recognition. KPMG’s Prasadh Cadambi explains that the effects of ASC 606 reach beyond accounting, potentially impacting executive compensation, sales compensation strategy, investor communication, debt covenants and banking/lending agreements. Some companies treat this switch as an opportunity to rethink how they do business. Businesses must have the right revenue recognition systems in place to comply with the regulation, which went into effect Jan. 1, 2018 for public companies and Jan. 1, 2019 for private companies.

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Learn More About the New Revenue Recognition Standard

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