OCTOBER 2010 Proposed Revenue Recognition Joint Standard for Customer Contracts Creates New Opportunities, Challenges As the clock ticks down on the public comment period on the Exposure Draft, Revenue Recognition from Contracts with Customers, companies with multiple-element arrangements are looking toward a small handful of trailblazers to better understand how the sweeping changes being proposed will impact their organizations. Specifically, they are looking to Apple, Cisco, Hewlett Packard and a number of other technology firms that have adopted EITF Issue 08-1 and EITF Issue 09-3, which change the way companies recognize revenues from bundled products and services, such as hardware, software, upgrades and maintenance. Training Challenges Facing Accounting Executives In the current economic climate, chief financial officers (CFOs) are facing enormous challenges in efforts to keep costs low and deliver value while keeping up with the rapidly evolving regulatory environment. This is especially true when it comes to training ñ a high-priority but often high-cost necessity thanks in part to pending International Financial Accounting Standards (IFRS) and eXtensible Business Reporting Language (XBRL), which will impact many organizations. Demand for training is higher than ever, as evidenced by its ranking as one of the top three challenges facing CFOs today in a 2009 Grant Thornton survey of senior finance executives with public and private companies in the United States. Senate Defeats Move to Eliminate, Alter 1099 Filing Requirement in Healthcare Reform The U.S. Senate has voted against moving forward with Democratic and Republican amendments that would eliminate or make substantive changes to the 1099 reporting requirement included in the healthcare reform law. The provision, which was designed to help offset the costs of reform legislation, requires all businesses to issue 1099 forms to any vendor from whom they purchase more than $600 of goods or services annually. Driving debate on the 1099 requirement, which opponents say would place an overwhelming paperwork burden on more than 30 million small businesses, was how to cover the loss of the roughly $17 billion in revenue it was projected to generate to pay for the healthcare law. Visit us at www.kforce.com To unsubscribe click here or email us at unsubscribe@kforce.com.