Category: Revenue Recognition

What Controllers Should Know about ASC 606 Compliance

Posted on: January 17th, 2020 by Leonid Solomonik No Comments
ASC 606 was introduced a little more than five years ago when regulators issued new accounting standards designed to change the way organizations approach revenue recognition. The goal of the regulation: improve the financial reporting of revenue and, at the same time, the comparability of the top line in financial statements globally. The final piece

Revenue Recognition Made Easy

Posted on: March 11th, 2019 by Dennis Wall
An effective billing system can simplify even the most complex financial processes: revenue recognition and general ledger management. Without automation in critical payment processing or data extensions to outlying financial systems, these billing functions can become difficult to complete manually. Luckily, there is a solution. BillingPlatform simplifies the financial period closing processes, associates closing data

Revenue Recognition: Are you Ready?

Posted on: June 17th, 2016 by Leonid Solomonik
Revenue Recognition (Rev Rec) is becoming a standard feature within many billing systems as it becomes a focus in response to new policies and regulations. In 2014, the Financial Accounting Standards Board (FASB) issued an update to the Generally Accepted Accounting Principles (GAAP) that took effect this year, and will continue into 2017 and 2018.