ASC 606 is especially important for the following types of businesses: Public companies or large businesses with over US$25 million in annual revenue; these businesses are legally required to comply with ASC 606, GAAP and International Financial Reporting Standards (IFRS) ...
plan and facilitate a smooth transition to ASC compliance. We'll show you how to evaluate your current SaaS accounting software, and you'll learn why your finance team and processes are certain to get overwhelmed with spreadsheets and longer audits if your technology isn't ready for ASC 606....
Upon implementation, ASC 606 supersedes almost all the guidance in ASC 605. However, because the FASB decided not to provide guidance in ASC 606 for onerous contracts, the provision for loss contracts in ASC 605 is retained. Extant guidance in ASC 605-35-25 calls for the loss contract test ...
Major changes to lease management processes may be required as well, and new technology could be necessary to handle data management, calculations and compliance reporting. While the effective date for calendar year-end public companies was January 1, 2019, the standard has been delayed multiple ...
Subscription-based business modelsmake recurring revenue easy and predictable. At the same time, providers are accountable for delivering consistent value with their product or service, companies can access usage data to better innovate their solutions, and technology streamlines the onboarding process wh...
The sales role was active and required a significant knowledge of both legacy tools and systems,as well as new technology, such as wireless technology and salesforce.com Acquistions and mergers over my tenure whereby cultures had to be combinded were somewhat challenging to navigate for cu...