ASC 606 and FASB Accounting Rules Are Complicated. Learn how a SaaS Revenue Recognition Solution Helps
For many companies, the ASC 606 and FASB revenue reporting requirements went into effect on December 15, 2017. That date was in the minds of many accountants because it represents a radical new way of doing things.
The deadline for adoption was pushed back because it was too difficult for companies to adhere to the new revenue recognition standard. The transition from one set of rules to another was proving to be so problematic for enterprises of all sizes without the right revenue recognition software.