The telecommunications industry has been grappling with the new levels of complexity presented by the revenue recognition standard, ASC 606. For telecommunications entities, notable challenges include those related to determining performance obligations and transaction prices among other revenue recognition processes.
Common trends in SEC comment letters for the cloud computing industry and the connections to ASC 606 revenue recognition disclosure requirements. This article explores revenue recognition solutions for the cloud computing industry with revenue recognition software and billing management software.
The new revenue recognition accounting standard update, ASC 606, issued by the Financial Accounting Standards Board (FASB) has caused significant disruption in the back office. Adoption of the new standard will impact people, policies, processes, and systems. For media and entertainment (M&E) entities that account for revenue under U.S. GAAP, it raises several accounting issues.