For many businesses, the combination of the new ASC 606 standard and a reinvigorated regulatory agency has the makings of a “perfect storm”, particularly once the updated guidance comes into effect.
The storm is a rough one and will have a major impact on the finance and accounting departments. Businesses will face two major challenges of the storm including Application and Internal Controls.
In order to overcome those challenges there are many systems and processes that can be put into place to help “weather the storm”– and ensure a smooth transition for implementing ASC 606 new revenue recognition rules.
Stay tuned for the Perfect Storm blog series!
- Read our 1st blog post series: The Impact of ASC 606
- Read 2nd blog post: The Reinvigorated Regulatory Agency – The SEC
If you’re preparing to respond to the new revenue recognition guidelines from the FASB and IASB, a good place to start is our newly-released “Guide to ERP Augmentation for Improved Billing and Revenue Recognition.” You can download a copy by clicking here.
