Published: 27 March 2019
ID: G00707415
Analyst(s): Finance Research Team
The new revenue recognition standard, ASC 606, markedly shifted how companies record and disclose revenue from contracts with customers. Learn the best practices corporate controllers developed as they adopted and applied the standard, as well as the ongoing challenges they face.
Introduction
Implementation Costs and Effects on Audit-Related Fees
A Costly Implementation for Tech Companies
Higher Audit and Consulting Fees
Best Practices for an Efficient Adoption
Early Draft Disclosure
Accounting-Managed Compliance Workstream
Centrally Tracked Contracts
Ongoing Challenges
Performance Obligations
Transaction Pricing
Internal Controls
Manual Processes
Conclusion
Recommended by the Authors
About This Research
Endnotes
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