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 calendar year accounting have now completed two quarterly filings under the new standards but the first year-end filing under the new standard is still some months away.

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. 

The video is now available of the most recent session in Bramasol's monthly series on Revenue Recognition. 

During the lead-up to implementation of the new Revenue Recognition standards, ASC 606 and IFRS 15, companies chose a variety of paths to get ready. 

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.  

In a recent interview with CFO.com, Christoph Hütten, chief accounting officer for SAP, discussed the readiness (or lack of readiness) of companies for meeting the new RevRec standards, ASC 606 and IFRS 15.  

Now that the January 2018 deadline has passed, and public companies must now adopt the new revenue recognition standard, ASC 606, disclosures become the central focus of the implementation process.

Bramasol, the leader in Revenue Recognition solutions, has announced a new, purpose-built product that reduces complexity and gives companies across a variety of industries a ready-to-deploy turnkey solution for disclosure reporting and compliance.

The new Revenue Recognition standards deadline has arrived but the road to successful implementation, disclosure reporting and operational optimization continues throughout 2018.