Regulation Roulette, Part II: Six Rules for ASC 606 Readiness

Under the new ASC 606 revenue recognition standard, contracts are the basis of how organizations must recognize revenue. This places significant pressure on your accounting system and financial reporting. In addition to handling contract-related data, it must support revenue recognition and allocation, revenue reallocation, and expense amortization. As you evaluate your current accounting software and technology—including any significant upgrades or updates to meet the standard—make sure it is equipped to handle six critical capabilities, beginning with the automation of revenue allocation.