Launch of CR2

I’m sure there are mixed feelings about the new revenue recognition standards (ASC 606 and IFRS 15.) In fact, “mixed feelings” probably doesn’t do justice to the range of responses the guidance engendered. It’s true that there is benefit to convergence. And to the extent that financial statements in the USA, Canada, Europe, etc. are more comparable, that’s a good thing. But when the word ‘recession’ is becoming a topic of conversation and the world wide energy industry is taking it on the chin, the thought of having to form a team to get a company ready for adoption is not exactly palatable. The one-year reprieve was nice but it’s pretty clear that it did not change the fact that the sweeping changes of the new standard(s) will soon become a reality for most companies.

In fact, “mixed feelings” probably doesn’t do justice to the range of responses the guidance engendered.

We at CR2 have a level of ambivalence as well. As a CPA, I read – and re-read – the guidance with eyes wide open. It took a while to digest just how big this thing is. After adjusting the aperture of my eyes and thinking through what this means vis-a-vis technology (or lack thereof), I saw an opportunity to do something truly unique… specifically, create a cloud-based application that is designed around the new revenue recognition standard(s). And bring it to market well before companies are obligated to comply. And that is how CR2 was born.

After adjusting the aperture of my eyes and thinking through what this means vis-a-vis technology (or lack thereof), I saw an opportunity to do something truly unique…

From idea conception to our first release was about a three-month period. And as CR2 grows, we will have – at a minimum – monthly updates to the feature set. You see, we are big believers in leveraging the cloud to deliver robust functionality all over the world. We (CR2) are also SMART Group. We have a long track record of using technology to help people work smarter, not harder. In fact, we are also the chief architect and developer of Ignite Internal Controls… another innovative cloud-based application.

 

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