Member Commentary – In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 to more closely align the US GAAP methods of recording revenue with the international financial reporting standards. The full copy of the guidance is located on the FASB website at www.fasb.org. The effective date is January 1, 2017 for public reporting companies and January 1, 2018 for nonpublic companies under US GAAP. Nonpublic companies may choose early adoption of January 1, 2017.
Highlights of Revenue Recognition Guidance for Software and Technology Companies
Maverick Software mentorships provide valuable IT experience to students
Within the next six years there will be one million more IT jobs then there are Computer Science students enrolled in college (code.org). Even with an unbelievable amount of available IT jobs for Computer Science majors, many students will not qualify for them because of their inexperience. Maverick Software Consulting works to increase the number of qualified and able students by enrolling them in their internship management service.
28th Minnesota Venture & Finance Conference a success
The 28th Annual Minnesota Finance & Venture Conference on October 1st was a great success. This year’s conference brought together a strong line-up of Minnesota’s entrepreneurs, companies and successful CEOs, executives and investors.The energy throughout the day was vibrant and the company showcase area created ample opportunities for networking.
Angel Tax Credit Program Expands Reach
The Minnesota Angel Tax Credit Program is reaching out to a broader audience. The popular state program that has attracted more than $260 million for high-tech startups in Minnesota since 2010 will focus much of its efforts in the next two years on helping businesses located in Greater Minnesota and those owned by women or members of minority groups.
Involta, LLC Recognized on Inc. 5000 List of America’s Fastest Growing Companies
For the second year in a row, Involta, LLC – a national leader in colocation and IT services – has garnered a spot on the Inc. 5000 list of America’s Fastest Growing Companies. Involta’s three-year growth rate stands at 157%. The company recently announced a $50 million equity round with investors M/C Partners of Boston.