IDG Contributor Network: How IT Can Help Your Accounting Function Prepare for Rev Rec

Accounting standard ASC606 is a notable change to the way revenue is recognized and reported from contracts. Organizations have mostly managed to track and analyze revenue from contracts using a myriad of tools (spreadsheets!), and subsequently enter results into the GL when revenue was recognizable. That may no longer be an option; the new standard requires organizations to implement and present additional quantitative and qualitative elements and the results for the current and two prior years