It’s time to start preparing for the new revenue recognition guidelines. Whether you like it or not, ASC 606 / IFRS 15 changes are here and could have a significant impact on your company’s reporting, systems, processes, and controls. Companies should start planning now in order to ensure a successful transition to the new ASC 606 / IFRS 15 guidelines.
In reality, companies don’t have much time to start preparing. The standard is effective for public companies with annual reporting periods beginning after December 15, 2017 (the fiscal year 2018) and non-public companies beginning after December 15, 2018 (the fiscal year 2019). Companies who want to be successful in overcoming revenue recognition challenges should be proactive and start implementing a plan for ASC 606 immediately.
If your company waits until the effective date to address the new revenue recognition guidelines it will be too late. Don’t underestimate the effort needed to achieve ASC 606 compliance. Companies that delay ASC 606 preparation may be at a disadvantage when it comes to implementing ASC 606 changes to their financial systems and processes.
SOFTRAX revenue recognition software supports companies adopting the new revenue recognition guidelines. We not only ensure a smooth transition to the new standard, but organizations can achieve full ASC 606 / IFRS 15 compliance. Softrax has over 15 years of experience in the industry and is a leader in the revenue recognition automation software industry.
Contact us today to set up a demo or watch an on-demand webinar featuring revenue recognition experts.