ASC 606 and IFRS 15: Don’t Leave Revenue Recognition to Chance
If you are reading this blog post, I am going to assume you arrived here because of your interest in or responsibility for revenue recognition. For the last couple of years there has been countless articles, blogs, webinars, conferences, etc. about the new revenue recognition standard ASC 606 and IFRS 15 internationally. You’ve probably seen them all but are still looking for more.
ASC 606 and IFRS 15
By now, you have no doubt realized the impact the new standards have on your business. You’ve met with your team and identified the policy updates you need to make. You have your new processes in place for identifying and tracking contract obligations. And have easily adopted the new standards in your accounting practices. Right?
If so, good for you! You are among the minority (30%) that have done so! I have to ask, how are you doing it? Spreadsheets? Oh. Well, keep reading. And everyone else (the 70%) who is still struggling with adopting the new standards, you keep reading too!
What’s so wrong with spreadsheets?
Ask yourself how much of your accounting practice is automated? There is a reason you are using accounting software to manage your company’s books. Have you ever heard the horror stories caused by spreadsheet errors? No one wants to experience any of those! Taking your revenue recognition practice off spreadsheets will:
Ensure accurate allocation
Provide real-time reporting
Save your team time
Mitigate risk of audit or earnings restatement
For best practices in automating your revenue recognition to comply with ASC 606 and IFRS 15, check out this guide from CFO (an Argyle Company). When you’re ready to see how easy it is to automate your policies, request a demo of CallidusCloud RevSym.
Jennifer Kling | May 21st, 2018