Let’s get ready for the new Revenue Recognition Standards.

The Financial Accounting Standards Board is issuing new rules going into effect Q2 2011 for the way revenue is being recognized.  This new recognition will affect Manufacturers, Distributors, and Resellers of Goods and Services.  Now is the time to start addressing your Microsoft FRx reports to handle the GL Account changes. 

You may be able to make the reporting changes without having to change your accounts in the accounting system.  Microsoft FRx makes the changes as simple as moving your account to the section you want.  A liability account can be moved to the revenue section for reporting only. 

Let ACC show you how we can help you modify your existing reports to show historical reporting to the new standards.  Let’s remove the question “what did it look like last year with these new standard?”

If you would like to read more visit www.fasb.org for more details.