Written by @Jayne
AUGUST 2, 2017
A forum dedicated to finance executives with featured speakers from EY, KPMG, PwC, Salesforce and Splunk
San Mateo, Calif. August 2, 2017 Zuora, Inc. , the leading provider of subscription commerce, billing and finance solutions, today released more details about its Revenue Recognition Summit , the event dedicated to finance leaders striving to thrive amidst the most disruptive change in accounting standards in the past century. Those looking to adopt ASC 606 and IFRS 15 revenue guidelines effectively will convene at the Zuora® Revenue Recognition Summit on August 9-10, 2017 at the Hyatt Regency in Burlingame, California.
As our economy increasingly shifts from shipping product to accessing digital services, the complexities of revenue reporting have forced financial regulators around the world to change global accounting standards. As a result, beginning in fiscal 2018-2019 companies large and small, public and private, must now adopt the new ASC 606 and IFRS 15 revenue guidelines. According to PwC, more than half of the affected companies particularly those that bundle subscription and non-subscription services are unprepared to adopt these new standards. If misappropriated with revenue recognition errors the number one reason for financial restatements companies can suffer from firings , drops in stock price, criminal penalties , and tarnished reputation s .
Weve been saying that accounting standards have to change to accommodate the Subscription Economy®, and now they have, said Tien Tzuo, CEO and founder of Zuora. Every company, regardless of revenue mix, product or service offerings, will be impacted by these new accounting standards. Weve dedicated tons of resources to help our customers alleviate the burden of dealing with these new standards.
The Revenue Recognition Summit is a gathering of professionals, including experts from EY, KPMG, PwC and RGP, armed to educate others about dealing with the ASC 606 ticking time bomb. Leading companies who have successfully navigated the nuances of impending guidelines, including Splunk, Salesforce, NetApp and FireEye, will also share best practices. Register here to attend .
Attendees will also get a glimpse into the state of revenue automation today and where Zuora intends to lead it tomorrow. The company has innovated in four specific dimensions over the past 12 months to help RevPro customers comply with ASC 606/IFRS 15 and improve usability, automation, configurability and reconciliation of revenue. Learn more about:
- Broader coverage of ASC 606/IFRS 15 use cases. Over 300 revenue automation use cases to leverage, saving companies an average of over 4,000 hours of work.
- Better usability . New data visualizations in RevPro and increased performance of commonly used screens by at least 50 percent.
- More configuration options to easily tailor multiple aspects of the application to meet specific requirements, such as contract modification rules, material right calculations, user-defined revenue release schedules, a configurable data augmentation framework and more.
- Easier reconciliation . Close your books faster with capabilities for intercompany accounting, FX Gain/Loss Reporting, Contract Asset/Contract Liability Accounting, Impairment Accounting, Long Term/Short Term revenue reclassification.
RevPro is the only product built from the ground up to meet the new ASC 606/IFRS 15 guidelines, and contains over 300 pre-built use cases designed to meet the revenue automation needs of enterprises across diverse verticals, said Jagan Reddy, SVP of RevPro at Zuora. At the Summit well showcase highlights of our rapid innovation in the past 12 months and preview where were investing with RevPro for the future.
Missing out on the Revenue Recognition Summit? Download the Zuora guide titled, ASC 606 & IFRS 15: How the New Revenue Standards Will Impact Subscription Companies .
Additional Resources
The Subscription Economy: A Business Transformation by Tien Tzuo, CEO of Zuora
SlideShare: Drivers of Success in the Subscription Economy
MGI Research Forecast on Agile Monetization Platforms 2016-2020