If you’re a company with a sales team, you’re most likely familiar with the Revenue Recognition Standard, also known as ASC 606 (IFRS 15). As of December 2018, all publicly- and privately-owned companies must adhere to the standard, which requires organizations to adjust how they account for sales commissions and change the way they recognize revenue earned through a contract.
As more businesses have adopted the new practices, they’ve discovered that adhering to ASC 606 is more challenging than originally expected. Back in 2018 at CompCloud on the Road in Austin, we held an ASC 606 Roundtable session, where companies explained their challenges in adopting the new accounting standards. We also recently held a webinar to discuss ASC 606 challenges and how top companies are making the transition (You can view the on-demand session here).
At Xactly Unleashed, the ultimate Sales Performance Management (SPM) summit, we want to continue these conversations. ASC 606 has had a huge impact on sales organizations, and we want to help answer the questions around the standard and help ease compliance for everyone. Xactly Unleashed has specialized finance and ASC 606 learning tracks, breakout sessions, and more to help businesses gain compliance easily. Here are the sessions you can’t miss.
CEA Customer Roundtable
Xactly CEA Customer Roundtable: Best Practices for ASC 606 Commission Accounting
Companies are discovering that accounting for sales commissions under ASC 606 is more complex than originally anticipated and that managing the process on spreadsheets is difficult to maintain, doesn’t provide a secure audit trail, and is prone to errors.
In this session, Xactly Assistant Controller, Dan King, will lead a discussion with finance leaders at several companies who are automating this process with Xactly CEA. Customers, including SPS Commerce, Rapid7, Empirix, and Monotype, will share their experiences and outline how their organizations are addressing the new requirements. You will learn best practices to:
- Capture and track the depth of data required
- Evaluate options and treatment
- Manage impairments made to contracts before end of life
- Ensure auditability
Sitecore Shares More Insight
In the past, we’ve teamed up with Sitecore to discuss their ASC 606 journey (view the on-demand webinar session here). At Xactly Unleashed, Sitecore is sharing more advice, tips, and lessons learned for ASC 606 compliance.
How ASC 606 Helped Sitecore Modernize Incentive Compensation Management
With the new accounting requirements for managing sales commissions under ASC 606, Sitecore realized it needed to update its incentive compensation management (ICM) system. Its existing manual solution wouldn’t provide the depth of data required for compliance.
In this session, Sitecore will share how the regulatory changes provided the company with the motivation to adopt a modern ICM system. Attendees will hear first-hand about the:
- Challenges Sitecore faced with its homegrown ICM solution
- Additional value they desired from an ICM system
- Benefits they’ve achieved with an integrated ICM and CEA solution
Dive Deeper into Easier ASC 606 Compliance
At Xactly Unleashed, you’ll also have the opportunity to dive headfirst into how Xactly Commission Expense Accounting (CEA) helps companies simplify ASC 606 (IFRS 15) compliance. In the meantime, you can get some background in this CEA overview video. See the benefits for yourself.