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New Accounting Regulations for 2011

I always get caught out on new accounting regs and then end up getting hit during the year as I run into them, one by one. For a software and services company, are there any new major accounting regulations coming in to effect in 2011 that I had better be on top of? Thanks.

Answers

Michael Scherbourg
Title: CFO
Company: Miklan Manufacturing
(CFO, Miklan Manufacturing) |

Lots of changes in revenue recognition. The largest areas to watch for are if you have multi-element arrangements (like products + professional services + maintenance, etc.) which has been hugely revamped in 08-1. And traditional software revenue recognition (SOP 97-2) has been scaled back from certain situations (software + hardware). These are two very large changes which you should already be on top of b/c they are applicable now!

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