IDG Contributor Network: How IT Can Help Your Accounting Function Prepare for Rev Rec

Accounting standard ASC606 is a notable change to the way revenue is recognized and reported from contracts. Organizations have mostly managed to track and analyze revenue from contracts using a myriad of tools (spreadsheets!), and subsequently enter results into the GL when revenue was recognizable. That may no longer be an option; the new standard requires organizations to implement and present additional quantitative and qualitative elements and the results for the current and two prior years by 2018 for public and 2019 for private companies. How can IT get in front of changes upcoming to the accounting function by anticipating the technology-related challenges and demand?

To read this article in full or to leave a comment, please click here