Two things appear to be top of mind for business leaders in the Salt Lake City area, based on the turnout at a recent Next Ready Business Tour event – skiing and changing revenue recognition standards.
Approximately 35 attendees came to get advice on ASC 606, the biggest change to accounting standards in over a decade, and to hear from Bode Miller, who returned to the scene of his 2002 Olympic skiing victory. Apparently, both Olympic gold medalists and accounting standards go through significant change.
While private companies have a little more time than public ones, everyone should already be preparing for the new rules around revenue recognition(opens in new tab), noted Wes Yeoman, Partner at Deloitte -- particularly businesses in the technology industry which are likely to see some of the biggest impact. He warned that preparing for ASC 606 is going to take some time.
“A lot of folks are thinking they can do it on their own and they are still trying to run a business and get the books closed. It takes a significant amount of time to run through the process,” Yeoman said.
NetSuite’s Advanced Revenue Management(opens in new tab) tool can help. It’s built natively on the core of NetSuite and will ease the transition to ASC 606. It streamlines the processes to get everything in place. Key features of the tool include automated planning, support of multi-currency transactions, and real-time revenue intelligence.
Bode Miller, Olympic and World Championship gold medalist and two-time overall World Cup champion, said he has seen many changes happen in the world of skiing and more changes are sure to come. As talent continues to emerge in the sport of skiing, he believes that the newcomers truly exemplify the tenacity for the sport.
His favorite Olympic memory was his win in the combined event in the 2002 Salt Lake City Olympics. To win in your home country, especially after being written off by the commentators after a major crash, is the definition of a comeback. Miller came back with the run of his life and took home silver. He will be offering color commentary for the skiing events at the 2018 Winter Olympics, as well as continuing his passion with horses and horse racing.
For more information on ASC 606, download the white paper Countdown to ASC 606: What Every Business Needs to Know About the New Revenue Recognition Standard(opens in new tab).