The new ASC 606 revenue recognition standard was adopted by most companies within the last three years with public companies adopting first and then followed later by private companies. A core concept in the new revenue recognition approach is the Five-Step model for identifying contracts, performance obligations, transaction prices, allocations, and timing for revenue recognition.
Webinar Video - Technical Accounting Tips for Optimizing Disclosures and Reporting for ASC 606 and 842
According to the Big 4, over 50% of companies experienced a delay in compliance with ASC 606 and 842 due to accounting issues. Those same companies struggled to produce their disclosures and reporting. Underlying this are the technical accounting expertise and disciplines needed for success.
In your Comply, Optimize, Transform™ journey, one of the most important steps is that initial move from basic compliance requirements to the automation of related processes for better integration and productivity.
A recent article in Compliance Week paints a different picture from people who think that adoption of Revenue Recognition per ASC 606 is behind us. Even though the new standard took effect on January 1, 2018, the issue of compliance as seen by auditors and the SEC is now just ramping up.
Public companies on
Some highlights from the article include:
With the deadline for implementing ASC 606 and IFRS 15 now behind us for most public companies, a lot of CFOs and accounting staff have breathed a sigh of relief.
Watch how Bramasol played a vital role in hard transition from ASC605 to IFRS 15 for a Pioneer in electronic and design automation company
A pioneer in electronic design and automation and with a presence in more than seven countries, our featured customer offers bundles of hardware, software, support & training to industrial customers. The Company was running ECC 6.0 with SD Revenue Recognition and was in the process of implementing SAP RAR 1.3 to support a mandated transition to IFRS 15. The project delivers a "hard" transition from ASC605 to IFRS 15, running RAR 1.3 SP02 for ten company codes around the world. The deployment includes a migration of 26000 in-flight contracts.
Now that the adoption deadline for ASC 606 ( IFRS 15 for IFRS filers), revenue recognition for public entities has passed, the readers of companies’ financial statements should expect a much more robust financial reporting over revenue recognition.
Watch how Bramasol helped a Leading Networking Company Automate and Simplify their RevRec Processes and Reporting
This Global Fortune 500 company is a leader in the manufacture, installation and service of computer, networking and computing systems providing solutions for companies of all sizes around the world. Their highly complex landscape and current global migration project required both a focus on achieving near term compliance while positioning a smooth migration to SAP S/4 HANA. They needed someone with deep, proven expertise and experience in implementing SAP RAR.