Bi101's Hub for Revenue RecognitionHave questions about ASC 606 for software or professional services companies?
It’s coming, and quick, but the truth from two new surveys is that many companies still aren’t preparing for ASC 606. Are you ahead or behind the crowd?
New ASC 606 revenue recognition rules might be overwhelming for professional services companies, but there is huge value to be found in the transition.
ASC 606 does simplify and streamline a number of revenue recognition complexities for software companies, but it also introduces a few more judgments.
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The key points of ASC 606: it’s all about identifying performance obligations, tracking them, and understanding when (and how) they’re completed.
Revenue recognition, at its core, is an accounting principle that specifies the conditions where revenue is recognized or accounted for, and follows generally accepted accounting principles (GAAP).